FYI: U.S. stocks climbed for a second consecutive session Wednesday, lifted by bank stocks as investors parsed the latest batch of corporate earnings.
The Dow Jones Industrial Average added 1141 points, or 0.59%, to 24207 in afternoon trading. The S&P 500 added 0.22%. Both benchmarks closed at their highest level in a month Tuesday and have risen more than 10% since Christmas Eve, though they are still about 10% from last year’s records. The tech-heavy Nasdaq Composite edged up 0..15%.
Analysts say Chinese stimulus measures have improved sentiment toward global growth, helping stocks and other risky investments rebound following a fourth-quarter rout. Fourth-quarter earnings results also haven’t been as weak as some investors feared, calming some jitters about a sharp economic slowdown.
Goldman Sachs shares rose 8.9% after the bank topped earnings targets, boosted by its mergers and acquisitions business.
Bank of America climbed 7.5% following its profit beat, the latest example of large lenders benefiting from the Federal Reserve’s interest-rate increases.
Fourth-quarter earnings for S&P 500 companies are projected to increase 11% from a year earlier, according to FactSet, well below the levels in the first three quarters of 2018 but still strong enough to support stocks following last quarter’s slide, some investors say.
Seven of the eleven S&P 500 Sectors led by Financials had positive numbers.
Regards,
Ted
WSJ:
https://www.wsj.com/articles/european-shares-edge-up-after-mixed-session-in-asia-11547629786Bloomberg:
https://www.bloomberg.com/news/articles/2019-01-15/asian-stocks-set-for-mixed-start-pound-steady-markets-wrapIBD:
https://www.investors.com/market-trend/stock-market-today/dow-leads-stock-market-apple-goldman/Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-hits-four-week-high-on-bofa-goldman-boost-idUSKCN1PA1NUCNBC:
https://www.cnbc.com/2019/01/16/stock-market-futures-higher-after-brexit-vote-bank-earnigns-in-focus.htmlU.K.:
https://www.marketwatch.com/story/london-markets-falter-as-investors-react-to-historic-brexit-defeat-2019-01-16/printEurope:
https://www.cnbc.com/2019/01/16/stock-market-european-markets-await-uk-pm-mays-no-confidence-vote.htmlAsia:
https://www.marketwatch.com/story/japan-leads-asia-markets-lower-as-car-bank-stocks-are-weak-2019-01-15/printBonds:
https://www.cnbc.com/2019/01/16/bond-market-treasury-yields-rise-after-uk-pm-mays-brexit-vote-defeat.htmlCurrencies:
https://www.cnbc.com/2019/01/16/forex-markets-pound-moves-brexit-deal-in-focus.htmlOil:
https://www.cnbc.com/2019/01/16/oil-markets-economic-slowdown-and-opec-supply-cuts-in-focus.htmlGold
https://www.cnbc.com/2019/01/16/gold-markets-failed-brexit-vote-fed-hike-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
