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S&P 500 surges, biggest daily percentage rise since March on earnings, data

Stock MarketsOct 14, 2021 06:32PM ET
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© Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 13, 2021. REUTERS/Brendan McDermid

By Caroline Valetkevitch

NEW YORK (Reuters) - The S&P 500 jumped on Thursday, its biggest daily percentage advance since early March, as companies including Morgan Stanley (NYSE:MS) and UnitedHealth climbed following strong results, while data on the labor market and inflation soothed fears over the outlook for higher rates.

The technology sector jumped 2.3%, giving the S&P 500 its biggest boost, with shares of Microsoft Corp (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL) rising.

Shares of Citigroup (NYSE:C), Bank of America Corp (NYSE:BAC) and Morgan Stanley also gained after they topped quarterly earnings estimates. The rebounding economy allowed them to release more cash they had set aside for pandemic losses, while sizzling deals, equity financing and trading added to profits. The S&P bank index jumped 1.5%.

Also, UnitedHealth Group Inc (NYSE:UNH) climbed 4.2% after the health insurer reported results and raised its full-year adjusted profit forecast on strength from its Optum unit that manages drug benefits.

Adding to optimism, data showed the number of Americans filing new claims for unemployment benefits last week fell close to a 19-month low, and a separate report showed producer prices eased in September.

Data from recent inflation reports suggested COVID-driven price increases may have peaked. Still, Federal Reserve policymakers remain divided over inflation and what to do about it.

"Some of the things that worried the market in September, and even last week, as far as the inflation aspect and higher interest rates and the Delta variant, maybe have lessened," said Alan Lancz, president, Alan B. Lancz & Associates Inc., an investment advisory firm, based in Toledo, Ohio.

"Not that it's all over, but on a temporary scale at least, you can make a case for it trending in the right direction."

The Dow Jones Industrial Average rose 534.75 points, or 1.56%, to 34,912.56, the S&P 500 gained 74.46 points, or 1.71%, to 4,438.26 and the Nasdaq Composite added 251.79 points, or 1.73%, to 14,823.43.

While the S&P 500 registered its biggest daily percentage gain since March 5, the Nasdaq notched its biggest since May 20 and the Dow its biggest since July 20.

Gains were broad-based, with all but one S&P 500 sector rising more than 1%.

Shares of Moderna (NASDAQ:MRNA) Inc ended up 3.2% after a panel of expert advisers to the U.S. Food and Drug Administration voted to recommend booster shots of its COVID-19 vaccine for Americans aged 65 and older and those at high risk of severe illness.

Walgreens Boots Alliance (NASDAQ:WBA) Inc jumped 7.4% after the drugstore chain reported fourth-quarter revenue and adjusted profit above estimates and forecast growth of 11% to 13% in the long term.

U.S. companies are expected to report strong profit growth for the third quarter, but investors have been keen to hear what they say about rising costs, labor shortages and supply problems.

Advancing issues outnumbered declining ones on the NYSE by a 3.58-to-1 ratio; on Nasdaq, a 1.97-to-1 ratio favored advancers.

The S&P 500 posted 32 new 52-week highs and no new lows; the Nasdaq Composite recorded 82 new highs and 46 new lows.

Volume on U.S. exchanges was 9.26 billion shares, compared with the 10.8 billion average for the full session over the last 20 trading days.

S&P 500 surges, biggest daily percentage rise since March on earnings, data
 

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Comments (19)
Darrell Peterson
Darrell Peterson Oct 15, 2021 12:57AM ET
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lmao
Darrell Peterson
Darrell Peterson Oct 15, 2021 12:56AM ET
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Once again my comment is pending . Ok , how bout people who believe the markets are rigged just don't understand . 3,2,1 ....
Douglas Nogueira
Douglas Nogueira Oct 14, 2021 7:43PM ET
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Some comments very mad just because they lost the market rally hahah
Ben Leon
Ben Leon Oct 14, 2021 6:16PM ET
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apply to FED. They are helpful For the full story: https://invst.ly/wb6if
Ekperebuikem Okoye
Ekperebuikem Okoye Oct 14, 2021 4:30PM ET
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Millennial Metals
Millennial Metals Oct 14, 2021 1:24PM ET
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Stocks are not going up. Your currency is just being devalued you simps
Marvin Mutugi gitonga
Marvin Mutugi gitonga Oct 14, 2021 1:12PM ET
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scam
tahir shehzad
tahir shehzad Oct 14, 2021 12:46PM ET
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scam
S S Shet
pingo_0070 Oct 14, 2021 12:07PM ET
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this is insane rally ... robinhood retail investors are feeling as if they r God.. but remember bull market corrections are fast and furious .. and it's nature of any asset to correct ..
Antonio Velardo
Antonio Velardo Oct 14, 2021 12:07PM ET
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I guess you have short positions on the market.
jj mm
jj mm Oct 14, 2021 12:07PM ET
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Raksaksa Tonne
Raksaksa Tonne Oct 14, 2021 11:53AM ET
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The whales are fattening the calves for slaughter.
Nicola Mewrcanzin
Nicola Mewrcanzin Oct 14, 2021 11:12AM ET
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ridiculous
Steffen vdm
Steffen vdm Oct 14, 2021 11:10AM ET
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All the earnings will be higher than expected, maximizing the profit of investors as they decide what was expected. After the earnings period they will take their profit. But not before they have lured a lot of people into a bull trap
Ronald Warren
Ronald Warren Oct 14, 2021 11:10AM ET
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Earnings expectations have been adjusted down to compensate for sluggish growth.
Steffen vdm
Steffen vdm Oct 14, 2021 11:04AM ET
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Soon we can borrow the FED-money from the banks at increased interest rates. Soon we'll paying higher taxes to cover for all the money the FED is handing over to banks. We are being ***** over twice. And the politicians and banks are laughing. Working class will pay for it
Jurgen Daub
Jurgen Daub Oct 14, 2021 11:04AM ET
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as always, history repeats itself because people have no memory
Anthony Badalamenti
Anthony Badalamenti Oct 14, 2021 11:04AM ET
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Jurgen; most peeps have no brains/common sense.
Pratt Man
Pratt Man Oct 14, 2021 11:01AM ET
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Economy very strong. Roads are packed during rush hour. Restaurants doing well. Airlines doing well. Amazon busy.
hd tv
hd tv Oct 14, 2021 11:01AM ET
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how do these factors add up to a strong economy? Airlines also are doing particularly good atm
Co Gonz
Co Gonz Oct 14, 2021 11:01AM ET
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look at airlines next month to see if they hedged fuel costs
Kate Davis
Kate Davis Oct 14, 2021 10:51AM ET
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I don't believe anything this regime telling.
Jurgen Daub
Jurgen Daub Oct 14, 2021 10:51AM ET
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its not the regime, its from statistics based on collected data. don't believe the regime, would you agree that each of us should be smart enough to analyze information by himself before spreading wild lies.
Co Gonz
Co Gonz Oct 14, 2021 10:51AM ET
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what statistics? jobless claims not bad because peoplw fired from vaccine mandate weren't allowed to report for unemployment- how many have been fired from that? remember market runs on media and media is biased and you need to look into the data yourself- so I ask- which data are tou looking at
Stan Smith
Stan Smith Oct 14, 2021 10:48AM ET
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Banks get richer and richer off of FED money printing and gouging customers... then their profits are used to indicate a healthy market and economy. Complete farce
Pratt Man
Pratt Man Oct 14, 2021 10:48AM ET
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they've always done that. welcome to the world of baking. IT'S HOW THEY MAKE MONEY.
Kaveh Sun
Kaveh Sun Oct 14, 2021 9:31AM ET
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With so much new monies from Joe, i expect all companies report huge profits. At the end of the day, monies endup in the rich pockets. The poor will get poorer.
Eloy Rodrigo
Eloy Rodrigo Oct 14, 2021 9:31AM ET
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and don't forget the commoners are always asking for more money.
Stan Smith
Stan Smith Oct 14, 2021 9:26AM ET
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Yes, Banks, JPM and Blackrock are doing great...what about the rest of the frickin economy?.
Rajib Chakma
Rajib Chakma Oct 14, 2021 9:25AM ET
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help me i am from Bangladesh
Ben Chod
Ben Chod Oct 14, 2021 9:25AM ET
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Lol
perplexed76 .
perplexed76 . Oct 14, 2021 9:25AM ET
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apply to FED. They are helpful
 
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