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Monday, May 23, 2022
Outlook.com
Outlook.com

Asian Shares Rise After Technology-Powered Rally On Wall St

The market’s gains came as investors welcomed another batch of encouraging quarterly report cards from several companies. Every S&P 500 company that reported earnings so far this week has exceeded Wall Street’s forecasts.

Asian Shares Rise After Technology-Powered Rally On Wall St
Asian Shares Rise After Technology-Powered Rally On Wall St
outlookindia.com
2021-10-15T14:56:05+05:30

Financial and health care stocks also did well. JPMorgan Chase rose 1.5%. UnitedHealth Group rose 4.2% after the health insurer raised its profit forecast for the year following a strong third quarter.

The market’s gains came as investors welcomed another batch of encouraging quarterly report cards from several companies. Every S&P 500 company that reported earnings so far this week has exceeded Wall Street’s forecasts.

“It’s not surprising that the market has reacted pretty well to that,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab.

Investors were also reviewing the latest data on jobs and inflation as they try to gauge the economy’s health and path forward.

The Labor Department said the number of Americans applying for unemployment benefits last week fell to its lowest level since the pandemic began. It’s a positive sign for a job market that is still trying to recover from the initial hit from the pandemic 18 months ago. A surge of cases over the summer stunted the recovery.

Businesses are still facing pressure from rising costs. The Labor Department said inflation at the wholesale level rose 8.6% in September compared to a year ago, the largest advance since the 12-month change was first calculated in 2010.

The report came a day after the government said inflation at the consumer level rose 5.4% in September from a year ago, matching the highest rate since 2008.

The market largely took the inflation reports in stride, which suggests investors may be feeling more at ease since the Federal Reserve has signaled it may begin to taper the unprecedented financial support it has been giving the economy since the early days of the pandemic and eventually begin raising its benchmark interest rate in order to combat rising inflation.

Investors will get an update on how higher prices may be affecting consumer spending when the Commerce Department reports retail sales for September on Friday.

Bond yields edged lower. The yield on the 10-year Treasury fell to 1.52% from 1.55% late Wednesday.

In other trading on Friday, U.S. benchmark crude oil gained 44 cents to $81.75 per barrel in electronic trading on the New York Mercantile Exchange. It surged 87 cents to $81.31 per barrel on Thursday.

Brent crude, the standard for international pricing, added 49 cents to $84.49 per barrel.

The U.S. dollar strengthened to 113.92 Japanese yen from 113.67 yen late Thursday. The euro rose to $1.1610 from $1.1596.

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