FYI: U.S. stocks surged on Tuesday after upbeat earnings reports from major companies including UnitedHealth and Goldman Sachs and solid economic data, as equities rebounded from a recent sharp sell-off.
Wall Street's three major indexes gained more than 1.5 percent each, with the Nasdaq up well over 2 percent.
Technology, which sold off heavily in the recent pullback, led the gains as all 11 major sectors were positive. Information Technology, Healthcare, Communication Services, and Consumer Discretionary were up well over 2%.
The gains marked a partial recovery from Wall Street's recent steep slump. The S&P 500 last week posted its biggest weekly drop since March after a spike in bond yields and fresh concerns about global trade tensions.
Investors got the latest reminder of that strength Tuesday when Goldman Sachs and Morgan Stanley said third-quarter profits surged double-digit percentages, thanks to a flurry of deal making and trading. Separately, Labor Department data showed the number of available jobs in the U.S. outnumbering the number of jobless Americans actively looking for work by 902,000, the highest on record.
Upbeat corporate earnings and economic data are reassuring many investors that the bull market still has room to run, even with interest rates widely expected to keep rising. The yield on the benchmark 10-year U.S. Treasury note, used as a reference for everything from mortgage rates to auto loans, hovered around 3.161% Tuesday--little changed from Monday, but still well above the 2.409% it ended at last year.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-10-16/your-evening-briefingBloomberg:
https://www.bloomberg.com/news/articles/2018-10-15/asian-stocks-set-for-mixed-open-dollar-declines-markets-wrap?srnd=premiumWSJ:
https://www.wsj.com/articles/global-stocks-rally-but-china-misses-out-1539678401?mod=hp_lead_pos3MarketWatch:
https://www.marketwatch.com/story/us-stocks-poised-to-rise-after-mondays-tech-driven-selloff-2018-10-16/printIBD:
https://www.investors.com/market-trend/stock-market-today/stocks-score-big-gains-broad-rally-apple-buy/Reuters:
https://www.reuters.com/article/us-global-markets/world-stocks-rebound-with-earnings-in-focus-oil-slips-idUSKCN1MQ02JCNBC:
https://www.cnbc.com/2018/10/16/wall-street-futures-rise-ahead-of-goldman-sachs-morgan-stanley-earnings.htmlEurope:
https://www.cnbc.com/2018/10/16/europe-markets-rising-tensions-between-saudi-arabia-and-the-west.htmlAsia:
https://www.marketwatch.com/story/asian-markets-rise-driven-by-oil-company-gains-2018-10-15/printBonds:
https://www.cnbc.com/2018/10/16/us-bonds-and-fixed-income-fresh-economic-data-in-focus.htmlCurrencies:
https://www.cnbc.com/2018/10/16/forex-markets-dollar-saudi-arabia-brexit-in-focus.htmlOil:
https://www.cnbc.com/2018/10/16/oil-markets-us-sanctions-on-iran-missing-saudi-journalist-in-focus.htmlGold
https://www.cnbc.com/2018/10/16/gold-markets-missing-saudi-journalist-stock-markets-in-focus.htmlWSJ: Markets At A Glance:
https://markets.wsj.com/usMajor ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitorSPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-trackerSPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectorsCurrent Futures:
https://finviz.com/futures.ashx Quote
