BIG BANKS, TECH STOCKS STEADY
Strong results from JPMorgan and other large banks helped set an optimistic tone for the third-quarter earnings season. Analysts now expect S&P 500 earnings to grow 9.3 per cent, up from 8.8 per cent at the start of October, according to LSEG I/B/E/S.
Wall Street’s heavyweight technology stocks were mixed: Tesla rose 2.5 per cent, Apple added almost 2 per cent, while Amazon slipped 0.7 per cent.
Eli Lilly fell 2 per cent after Trump vowed to lower prices for weight-loss drugs, and State Street declined 1.4 per cent after missing net interest income estimates.
INDEXES FINISH THE WEEK HIGHER
The S&P 500 gained 0.53 per cent to close at 6,664.01 points, the Nasdaq Composite added 0.52 per cent to 22,679.98, and the Dow Jones Industrial Average rose 0.52 per cent to 46,190.61.
For the week, the S&P 500 climbed 1.7 per cent, the Nasdaq rose 2.1 per cent, and the Dow gained 1.6 per cent.
The CBOE Volatility Index dropped to 21.5, easing from a six-month high earlier in the day.
Nine of the 11 S&P 500 sector indexes advanced, led by consumer staples, up 1.23 per cent.
Following a nearly 14 per cent rally this year, the S&P 500 is now valued at 23 times expected earnings, its most expensive level in five years.
Source: CNA
