Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stocks gain as upbeat Wall St earnings lift outlook

EconomyOct 25, 2021 05:57PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: A man wearing a protective face mask, following an outbreak of the coronavirus, talks on his mobile phone in front of a screen showing the Nikkei index outside a brokerage in Tokyo, Japan, February 26, 2020. REUTERS/Athit Perawongmetha 2/2

By Chibuike Oguh

NEW YORK (Reuters) -Global stocks rose and Treasury yields dipped on Monday with major Wall Street benchmarks hitting fresh records, buoyed by a robust start to the U.S. corporate earnings season and an improving economic outlook.

A large proportion of S&P 500 companies are due to report results this week, including technology heavyweights Facebook (NASDAQ:FB), Apple Inc (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and Alphabet (NASDAQ:GOOGL), which have been the drivers of the market rally this year.

The Dow Jones Industrials and S&P 500 closed at record highs on Monday as traders looked ahead to earnings reports.

"The number one thing is that earnings are better-than-expected and what's more interesting is that as we approach the end of the year, we're going to see forward guidance being lifted, which would make the market multiple more reasonable," said Thomas Hayes, chairman of Great Hill Capital in New York.

The MSCI world equity index, which tracks shares in 50 countries, rose 0.28%, while the pan-European STOXX 600 index gained 0.07%.

In choppy trading on Monday, U.S. Treasury yields were lower as uncertainty about when the Federal Reserve would raise rates to curb rising inflation weighed on market sentiment.

The benchmark U.S. 10-year yield fell to 1.6325%. Last week, the 10-year yield hit 1.705%, the highest since mid-May.

The U.S. dollar rose from a one-month low on Monday, ahead of central bank meetings and economic data coming later this week, boosted by the prospect of a tighter U.S. monetary policy. The dollar index was up 0.178% at 93.828.

On Wall Street, the group of stocks with the highest gains were consumer discretionary, industrials, communication services and technology stocks.

A string of solid quarterly earnings reports this month, including J.P. Morgan Chase & Co and Goldman Sachs Group Inc (NYSE:GS) and insurer Travelers (NYSE:TRV) Cos Inc, have boosted market expectations.

Tesla (NASDAQ:TSLA), which jumped 12.66% and breached $1 trillion in market capitalization, also provided the biggest boost to the S&P 500 and the Nasdaq.

The Dow Jones Industrial Average rose 0.18% to 35,741.15, the S&P 500 gained 0.47% to 4,566.48 and the Nasdaq Composite added 0.9, to 15,226.71.

Oil prices rose on Monday and reached multi-year highs, as tight global supply and strengthening fuel demand in the United States and beyond supported prices.

Brent crude futures gained 0.43% to $85.90 a barrel, while the U.S. West Texas Intermediate (WTI) crude futures pared earlier gains and traded lower at 0.06% to $83.71 a barrel in early afternoon trading.

Gold prices rose nearly 1% on Monday, as a retreat in U.S. bond yields and persistent worries about inflation lifted the safe-haven asset ahead of major central bank meetings this week.

Spot gold gained 0.85% to $1,807.7102 per ounce, while U.S. gold futures for December delivery settled up 0.6% at $1,806.80 per ounce.

Stocks gain as upbeat Wall St earnings lift outlook
 

Related Articles

Tesla launches electric quad bike in U.S. for kids
Tesla launches electric quad bike in U.S. for kids By Reuters - Dec 02, 2021 1

(Reuters) - Tesla (NASDAQ:TSLA) Inc has launched an electric quad bike for kids in the United States for $1,900, two years after the electric-car maker introduced the all-terrain...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (6)
Darryl Allen
Darryl Allen Oct 25, 2021 7:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I like how Reuters chooses an image with all the stocks negative because they don't know green is down in Asia
Doug Wildman
Doug Wildman Oct 25, 2021 6:52PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What goes up, always goes up. /s
Rodney Dangerfield
Rodney Dangerfield Oct 25, 2021 3:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
89% of stocks are owned by the wealthiest 10% in the United States....lol
Dave Jones
Dave Jones Oct 25, 2021 7:00AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
wow everything is awesome
Kim Petersen
Kim Petersen Oct 25, 2021 3:38AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
what it's the china stock it's low a the moment ?
Jokers R Us
Jokers R Us Oct 25, 2021 12:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fed won't taper, report the truth for once.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email