US Stocks Forecast: Wall Street stocks soar
|- S&P 500 SPX gained 74.35 points, or 1.70%.
- Nasdaq Composite IXIC gained 248.97 points, or 1.71%.
- The DJI rose 532.21 points, ending up 1.55%.
US stocks charged higher on Thursday on strong earnings from companies including Morgan Stanley and UnitedHealth. Additionally, US data came in contrary to the inflation theme as well, cooling fears of stagflation.
As for the performance of the benchmarks, the S&P 500 added 74.35 points, or 1.70%, to end at 4,438.15 points, while the Nasdaq Composite climbed 248.97 points, or 1.71%, to 14,824.90. The Dow Jones Industrial Average DJI gained 532.21 points, or 1.55%, to 34,910.02. As for industry performaces, the technology sector was the strongest in the S&P with giants Microsoft Corp MSFT and Apple Inc AAPL climbing. Individual shares in the financial bloc, Citigroup C, Bank of America Corp BAC and Morgan Stanley MS were firmer following results that were released that topped quarterly earnings estimates.
US data dials down inflation nerves
Meanwhile, US 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 to the lowest level this year as airline passenger service costs plunged. The seasonally adjusted PPI rose 0.5%, compared with a 0.7% gain in August, the Bureau of Labor Statistics said Thursday. The latest print was the lowest since December.
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