Stocks kept upward momentum, S&P 500 logged best day after positive data report

(MENAFN– Market Press Release)November 16, 2021 5:48 am – Stocks rose after a flurry of big bank earnings beat forecasts, and new weekly unemployment claims showed a larger-than-expected recovery to a post-pandemic low.

In its biggest day since March, the S&P 500 gained 1.7 percent. The Dow Jones Industrial Average increased by more than 500 points, or 1.6 percent. The Nasdaq rose 1.7 percent, adding to Wednesday’s gains as Treasury yields continued to fall. After peaking at 1.62 percent earlier this week, the benchmark 10-year yield has fallen further to below 1.53 percent.

Bank earnings resumed on Thursday, with Bank of America, Wells Fargo, and Morgan Stanley all releasing quarterly results before the market opened. Bank of America’s profits increased by 58 percent to $7.7 billion from the previous year, thanks to the release of $1.1 billion in credit reserves that had been placed aside to protect against future customer defaults.

Market is summarized as follows:

•NASDAQ Composite Index stepped up to 14,823.43 after gaining 1.73% or 251.79 points.
•The Dow Jones Industrial Average closed at 34,912.56 and went up by 1.56% or 534.75 points.
•S&P 500 Index moved higher by 1.71% or 74.45 points and wrapped at 4,438.25.
•U.S. 10 Year Treasury yield down by 3 basis points and now at 1.5190%.
•Gold stepped up by 0.21% or $3.80 and now at $1,798.50 an ounce.
•Crude went up with an increase of $0.96 or 0.21% per barrel, closing at $81.40 per barrel.

Reserve releases, as well as improved investment banking revenue and consumer credit card-related revenues, boosted Wells Fargo’s performance. Morgan Stanley also reported revenue that above expectations in both its fixed income and equities trading divisions, with the firm witnessing a boost in business as market activity increased during the quarter.

Investors will be focused on firms’ comments on price rises, supply chain disruptions, and labor issues as earnings season progresses in the coming weeks. All of these reasons are thought to have contributed to a drop in earnings in the third quarter compared to the second. However, investors have been wondering how long these issues would endure and which companies will be the hardest hurt by them.

Cryptocurrencies are as volatile as ever, but upward trend is apparent for the last few day. Here’s an update to the most widely accepted cryptocurrencies:

•Bitcoin (BTC) – $59,618.27
•Etherium (ETH) – $3,844.57
•Ripple (XPR) – $1.15
•Bitcoin Cash (BCH) – $631.41
•LiteCoin (LTC) – $185.03

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