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

Stock Markets Oct 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
 
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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 (18)
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 ..
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.
 
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