Overall, US business earnings in the third quarter were better than anticipated as the economy continues to recover after the coronavirus pandemic. 320 companies submitted their reports so far.
In fact, S&P 500 earnings are expected to have risen 40.2% in the third quarter from a year ago. “From a fundamentals standpoint, the performance of the equity markets as a whole has a strong underpinning,” said Bill Northey, chief investment officer at US Bank Wealth Management.
“The coming days and weeks will include significant advances on the political front, and we are watching this very closely because, as we exit the earnings reporting season, many of the macroeconomic factors will begin to take center stage again,” added.
According to preliminary data, the S&P 500 gained 17.30 points, or 0.38%, to 4,631.05, while the Nasdaq rose 53.69 points, or 0.34%, to 15,649.60. The Industrial Average Dow Jones it advanced 139.25 points, or 0.39%, to 36,053.09 units. All three indices reached intraday highs during the session.
The economically sensitive Dow Jones transportation index soared to an all-time high, fueled by rising shares in Avis Budget after the car rental company released its results.
It is expected that The Federal Reserve announces plans Wednesday to reduce its $ 120 billion monthly bond purchase program, launched to help the economy during the pandemic. Investors will also focus on comments on interest rates and the recent acceleration in inflation.
Source From: Ambito
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