We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
U.S. stock markets closed sharply higher on Friday following the release of strong earnings reports of a few banking and other financial services behemoth. All three major stock indexes ended in positive territory. These indexes also finished in positive zone for the week as a whole.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) surged 1% or 409.74 points to close at 42,863.86, marking its fresh closing high. Notably, 28 components of the 30-stock index ended in positive territory while 2 in negative zone. In intraday, the blue-chip index touched a record-high of 42,899.75.
The tech-heavy Nasdaq Composite finished at 18,342.94, gaining 0.3% due to strong performance by technology giants. The S&P 500 rose 0.6% to finish at 5,815.03, reflecting a new closing high. In intraday, Wall Street’s benchmark touched a record-high of 5,822.13.
10 out of 11 broad sectors of the broad-market index ended in positive territory while one in negative zone. The Financials Select Sector SPDR (XLF), the Industrials Select Sector SPDR (XLI) and the Real Estate Select Sector SPDR (XLRE) increased 1.9%, 1.8% and 1%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 2.3% to 20.46. A total of 10.27 billion shares were traded on Friday, lower than the last 20-session average of 12.06 billion. Advancers outnumbered decliners on the NYSE by a 3.96-to-1 ratio. On Nasdaq, a 2.19-to-1 ratio favored advancing issues.
Strong Third-Quarter Earnings Results of Financial Sector
High interest rates and solid investment banking business performance drove JPMorgan Chase & Co.’s (JPM - Free Report) third-quarter 2024 earnings to $4.37 per share. The bottom line handily surpassed the Zacks Consensus Estimate of $4.02. Net revenues, as reported, were $42.7 billion, up 7% year over year. The top line outpaced the Zacks Consensus Estimate of $41.06 billion.
Wells Fargo & Co. (WFC - Free Report) reported its third-quarter 2024 adjusted earnings per share of $1.52, which surpassed the Zacks Consensus Estimate of $1.27. However, quarterly total revenues were $20.37 billion, missing the Zacks Consensus Estimate of $20.38 billion.
BlackRock Inc.’s (BLK - Free Report) third-quarter 2024 adjusted earnings of $11.46 per share handily surpassed the Zacks Consensus Estimate of $10.34. Revenues (on a GAAP basis) in the quarter were $5.2 billion, beating the Zacks Consensus Estimate of $5 billion.
The Department of Labor reported that producer price index (PPI) for final demand remained unchanged month-over-month at 0.2% in September. The consensus estimate was also 0.2%. Year over year, PPI rose 1.8% in September. The core PPI remained unchanged month-over-month at 0.2% in September. The consensus estimate was also 0.2%.
The University of Michigan reported that the preliminary reading for consumer sentiment in October came in at 68.9%, missing the consensus estimate of 71%. The final reading for September was 70.1%. On inflation, the one-year outlook rose to 2.9%, a 0.2% up and the highest level since June. At the five-year mark, the inflation outlook edged lower to 3%, around the level it has been for most of the time since April.
Weekly Roundup
Last week was a solid one for Wall Street. The Dow, the S&P 500 and the Nasdaq Composite – gained 1.2%, 1.1% and 1.1%, respectively. All three indexes recorder their fifth consecutive weekly gains. Growing expectations of investors about the much-hyped “soft landing” of the U.S. economy boosted confidence on risky assets like equities.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Stock Market News for Oct 14, 2024
U.S. stock markets closed sharply higher on Friday following the release of strong earnings reports of a few banking and other financial services behemoth. All three major stock indexes ended in positive territory. These indexes also finished in positive zone for the week as a whole.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) surged 1% or 409.74 points to close at 42,863.86, marking its fresh closing high. Notably, 28 components of the 30-stock index ended in positive territory while 2 in negative zone. In intraday, the blue-chip index touched a record-high of 42,899.75.
The tech-heavy Nasdaq Composite finished at 18,342.94, gaining 0.3% due to strong performance by technology giants. The S&P 500 rose 0.6% to finish at 5,815.03, reflecting a new closing high. In intraday, Wall Street’s benchmark touched a record-high of 5,822.13.
10 out of 11 broad sectors of the broad-market index ended in positive territory while one in negative zone. The Financials Select Sector SPDR (XLF), the Industrials Select Sector SPDR (XLI) and the Real Estate Select Sector SPDR (XLRE) increased 1.9%, 1.8% and 1%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 2.3% to 20.46. A total of 10.27 billion shares were traded on Friday, lower than the last 20-session average of 12.06 billion. Advancers outnumbered decliners on the NYSE by a 3.96-to-1 ratio. On Nasdaq, a 2.19-to-1 ratio favored advancing issues.
Strong Third-Quarter Earnings Results of Financial Sector
High interest rates and solid investment banking business performance drove JPMorgan Chase & Co.’s (JPM - Free Report) third-quarter 2024 earnings to $4.37 per share. The bottom line handily surpassed the Zacks Consensus Estimate of $4.02. Net revenues, as reported, were $42.7 billion, up 7% year over year. The top line outpaced the Zacks Consensus Estimate of $41.06 billion.
Wells Fargo & Co. (WFC - Free Report) reported its third-quarter 2024 adjusted earnings per share of $1.52, which surpassed the Zacks Consensus Estimate of $1.27. However, quarterly total revenues were $20.37 billion, missing the Zacks Consensus Estimate of $20.38 billion.
BlackRock Inc.’s (BLK - Free Report) third-quarter 2024 adjusted earnings of $11.46 per share handily surpassed the Zacks Consensus Estimate of $10.34. Revenues (on a GAAP basis) in the quarter were $5.2 billion, beating the Zacks Consensus Estimate of $5 billion.
Consequently, stock prices of JP Morgan, Wells Fargo and BlackRock climbed 4.4%, 5.6% and 3.6%, respectively. BlackRock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
The Department of Labor reported that producer price index (PPI) for final demand remained unchanged month-over-month at 0.2% in September. The consensus estimate was also 0.2%. Year over year, PPI rose 1.8% in September. The core PPI remained unchanged month-over-month at 0.2% in September. The consensus estimate was also 0.2%.
The University of Michigan reported that the preliminary reading for consumer sentiment in October came in at 68.9%, missing the consensus estimate of 71%. The final reading for September was 70.1%. On inflation, the one-year outlook rose to 2.9%, a 0.2% up and the highest level since June. At the five-year mark, the inflation outlook edged lower to 3%, around the level it has been for most of the time since April.
Weekly Roundup
Last week was a solid one for Wall Street. The Dow, the S&P 500 and the Nasdaq Composite – gained 1.2%, 1.1% and 1.1%, respectively. All three indexes recorder their fifth consecutive weekly gains. Growing expectations of investors about the much-hyped “soft landing” of the U.S. economy boosted confidence on risky assets like equities.