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US close: Stocks leap higher on raft of corporate earnings

By Josh White

Date: Thursday 14 Oct 2021

US close: Stocks leap higher on raft of corporate earnings

(Sharecast News) - Wall Street stocks closed well above the waterline on Thursday, as investors digested more quarterly earnings and the Labor Department's weekly jobless claims report.
At the close, the Dow Jones Industrial Average was up 1.56% at 34,912.56, as the S&P 500 added 1.71% to 4,438.26 and the Nasdaq Composite was 1.73% firmer at 14,823.43.

The Dow closed 534.75 points higher on Thursday, after seeing out the previous session flat.

Thursday's primary focus was the Labor Department's weekly jobless claims report, which revealed the number of Americans filing for unemployment claims undershot forecasts again last week, retreating to their lowest level since near the start of the Covid-19 pandemic.

According to the US Department of Labor, in seasonally adjusted terms, the number of people who filed for initial unemployment claims dropped by 36,000 over the week ended 9 October to reach 293,000 - better than expectations for a print of 315,000

On the macro front, wholesale inflation in the US rose a bit less quickly than anticipated last month, despite big jumps for energy and food prices.

According to the Department of Labor, final demand prices rose at a month-on-month pace of 0.5% in September, just lower than consensus estimates for a print of 0.6%, as energy prices were 2.8% higher on the month and food inflation came in at 2.0%.

In equities, Walgreens Boots Alliance was up 8.61% after it topped quarterly earnings estimates amid stronger-than-expected demand for Covid-19 vaccines, while Domino's Pizza shares eked out gains of 0.25% after it beat estimates.

Citigroup was ahead 0.77% after it reported a surge in third-quarter investment banking revenues, as it benefitted from a boom in merger and acquisition activity.

Morgan Stanley added 2.48% after it too beat expectations as it posted record revenues for the investment banking business.

US banking giant Bank of America jumped 4.47% after it reported quarterly earnings that beat expectations thanks to better-than-expected loan losses and record advisory and asset management fees.

Wells Fargo went the other way to its peers, falling 1.61% despite posting better-than-expected income and profits for its recently ended quarter thanks to sharp declines in costs and provisions.

Elsewhere in the company space, Carnival shares were in the green by 0.34%, and MGM Resorts gained 0.6%, as stocks tied to an economic recovery gained in early trade.

UPS advanced 4% following an upgrade from analysts at Stifel due to upcoming holiday demand.

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $50.77 7.43%
Unitedhealth Group Inc. (UNH) $420.36 4.17%
Dow Chemical Co. (DOW) $58.74 3.22%
Intel Corp. (INTC) $53.90 3.14%
Caterpillar Inc. (CAT) $194.33 2.85%
Microsoft Corp. (MSFT) $302.75 2.17%
Apple Inc. (AAPL) $143.76 2.02%
Salesforce.Com Inc. (CRM) $290.02 1.97%
Cisco Systems Inc. (CSCO) $55.65 1.89%
International Business Machines Corporation (CDI) (IBM) $143.41 1.87%

Dow Jones - Fallers

Boeing Co. (BA) $217.44 -1.96%
Merck & Co. Inc. (MRK) $78.33 -0.79%
Dowdupont Inc. (DWDP) $30.52 0.00%
Honeywell International Inc. (HON) $230.94 0.00%
Travelers Company Inc. (TRV) $156.69 0.19%
Nike Inc. (NKE) $157.14 0.54%
Johnson & Johnson (JNJ) $160.11 0.57%
Coca-Cola Co. (KO) $54.61 0.68%
McDonald's Corp. (MCD) $244.55 0.78%
Walt Disney Co. (DIS) $174.39 0.84%

S&P 500 - Risers

Walgreens Boots Alliance, Inc. (WBA) $50.77 7.43%
Apache Corp. (APA) $26.22 6.54%
Affiliated Mgrs Group (AMG) $158.80 4.56%
HollyFrontier Corp (HFC) $36.81 4.51%
Bank of America Corp. (BAC) $45.07 4.47%
Everest Re Group Ltd. (RE) $277.87 4.39%
Lam Research Corp. (LRCX) $567.93 4.32%
Western Digital Corp. (WDC) $56.55 4.32%
Coty Inc. Class A (COTY) $7.86 4.24%
Fidelity National Information Services Inc. (FIS) $121.68 4.20%

S&P 500 - Fallers

US Bancorp (USB) $60.08 -2.25%
Boeing Co. (BA) $217.44 -1.96%
Wells Fargo & Co. (WFC) $45.31 -1.61%
Discovery Inc. Class C (DISCK) $24.28 -1.38%
Oracle Corp. (ORCL) $95.28 -1.16%
Westrock Company (WRK) $49.32 -1.08%
Discovery Inc. Class A (DISCA) $25.26 -0.94%
NRG Energy Inc. (NRG) $41.58 -0.91%
Occidental Petroleum Corp. (OXY) $31.99 -0.90%
Progressive Corp. (PGR) $90.01 -0.89%

Nasdaq 100 - Risers

Walgreens Boots Alliance, Inc. (WBA) $50.77 7.43%
Asml Holdings N.V. (ASML) $778.29 4.55%
Lam Research Corp. (LRCX) $567.93 4.32%
Western Digital Corp. (WDC) $56.55 4.32%
Paypal Holdings Inc (PYPL) $266.45 3.94%
Nvidia Corp. (NVDA) $217.46 3.85%
Seagate Technology Plc (STX) $82.50 3.68%
Fastenal Co. (FAST) $55.62 3.67%
Hasbro Inc (HAS) $91.35 3.51%
Fiserv Inc. (FISV) $107.78 3.30%

Nasdaq 100 - Fallers

Wynn Resorts Ltd. (WYNN) $91.64 -0.87%
Take-Two Interactive Software Inc. (TTWO) $169.38 -0.72%
Baidu Inc. (BIDU) $162.70 -0.70%
Electronic Arts Inc. (EA) $135.71 -0.54%
eBay Inc. (EBAY) $74.68 -0.29%
NetEase Inc. Ads (NTES) $95.46 -0.28%
Trip.com Group Limited (TCOM) $32.14 -0.19%
Shire Plc Ads (SHPG) $179.20 0.00%
Alexion Pharmaceuticals Inc. (ALXN) $182.50 0.00%
Celgene Corp. (CELG) $108.24 0.00%

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