Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Wall St ends up sharply as earnings, economic data lift optimism

10/14/2021 | 04:00pm EST

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Technology-related stocks rally

* Big banks rise as profits beat forecasts

* UnitedHealth jumps on strong results

NEW YORK, Oct 14 (Reuters) - U.S. stocks surged on Thursday as companies including Morgan Stanley and UnitedHealth gained following strong results, while data on the labor market and inflation soothed worries about the outlook for higher rates.

The technology sector gave the S&P 500 its biggest boost, with shares of Microsoft Corp and Apple Inc rising.

Shares of Citigroup, Bank of America Corp and Morgan Stanley rose 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.

UnitedHealth Group Inc also climbed 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.

"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."

According to preliminary data, the S&P 500 gained 74.35 points, or 1.70%, to end at 4,438.15 points, while the Nasdaq Composite gained 248.97 points, or 1.71%, to 14,824.90. The Dow Jones Industrial Average rose 532.21 points, or 1.55%, to 34,910.02.

Gains were broad-based, with all S&P 500 sectors higher.

Shares of Moderna Inc were sharply higher 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.

Also in earnings, Walgreens Boots Alliance Inc jumped 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 quarterly profit growth for the third quarter, but investors have been keen to hear what they say about rising costs, labor shortages and supply problems. (Additional reporting by Devik Jain in Bengaluru and Federica Urso in Gdansk; Editing by Arun Koyyur and David Gregorio)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 3.16% 165.3 Delayed Quote.24.58%
DJ INDUSTRIAL -1.86% 34483.72 Delayed Quote.14.80%
MICROSOFT CORPORATION -1.79% 330.59 Delayed Quote.48.63%
MODERNA, INC. -4.36% 352.43 Delayed Quote.237.35%
WALGREENS BOOTS ALLIANCE, INC. -2.78% 44.8 Delayed Quote.12.34%
Latest news "Economy & Forex"
05:43aPound to Rise if BOE's Bailey Reacts to Higher Inflation Risks
05:39aSterling consolidates above 2021 lows as central bank eyed
05:38aUK yields hit day's high after patchy demand in 10-year auction
05:19aEU seeks to forge new global trade rules with U.S
05:15aOECD says inflation is main risk to economic outlook
05:04aOil rises 1% ahead of OPEC meeting under Omicron cloud
05:03aEmerging markets face a 'double whammy' in 2022, Citi says
04:59aEgypt shuts Alexandria and Dekheila ports because of bad weather
04:55aSuncity closes its Macau VIP gaming rooms after CEO's arrest -sources
Latest news "Economy & Forex"