PT Solid Gold Berjangka | S&P 500, Dow Hit Records, Boosted by Bank Earnings Surprise
MARKET UPDATE SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | The S&P 500 and the Dow scored record closing highs on Friday, with the biggest boosts from financial stocks after banks reported strong quarterly results while the latest inflation data supported expectations for a U.S. Federal Reserve rate cut in November.
Major financial companies kicked off earnings season with JPMorgan Chase (JPM.N), rallying after the lender reported higher-than-expected third-quarter profit and raised its annual interest income forecast.
Shares in Wells Fargo (WFC.N), rose after its profit also beat analysts’ expectations. BlackRock (BLK.N), stock gained ground after the asset manager reported that its assets under management had hit a record high for the third straight quarter.
Other stocks in the industry rose broadly, making the S&P 500 Financials index (.SPSY), the biggest index points boost for the benchmark.
Also on Friday, data from the U.S. Department of Labor showed the Producer Price Index for final demand was unchanged on a monthly basis in September, compared to the 0.1% rise expected by economists polled by Reuters.
According to preliminary data, the S&P 500 (.SPX), gained 34.71 points, or 0.60%, to end at 5,814.76 points, while the Nasdaq Composite (.IXIC), gained 59.71 points, or 0.33%, to 18,341.76. The Dow Jones Industrial Average (.DJI), rose 409.84 points, or 0.97%, to 42,863.96.
The data follows Thursday’s Consumer Price Index reading, which was slightly higher than forecast, although weekly jobless claims rose more than expected.
Source : Reuters