Things appear to be wrapping up on a high note this week as all 3 major stock indexes sit in the GREEN as we inch closer to Friday’s closing bell.
Many are explaining this unexpected end-of-the-week rise by pointing to the recently reported third quarter earnings data being better than most had anticipated.
As such, let’s take a look at these recent positive market movements and look for any clues as to what we could expect during next week’s early trading hours.
An Unexpected Surge
Stocks did in fact begin moving upwards in the latter half of Thursday’s trading day this week, to the surprise of many on Wall Street who have become accustomed most recently to a more depressing futures outlook.
Shortly after the latest earnings reports were released this week, traders saw the DOW jump approximately 400 points while the NASDAQ and S&P were able to add 0.5% and 0.8% respectively, with the latter of the two reporting its best daily performance since March 5th of this year.
Though this is cause for celebration on the trading floor, many investors are hesitant to get too comfortable in this new environment as most anticipate another decline in the near future.
… And with the U.S. economy continuing to struggle to find its footing in this post-pandemic world, who could blame them for their cynical outlook.
Yet, despite this hesitation, Friday things only continued to get better as Goldman Sachs’ 3rd quarter results managed to gain more than 3%. This news came shortly after other major financial players such as JP Morgan, Bank of America, Morgan Stanley and Citigroup all topped earnings expectations.
Recently talking with CNBC, Oanda senior market analyst Edward Moya had this to say on the subject:
“The banks painted a strong and healthy picture of the US consumer. Wall Street can’t turn negative on the economy after seeing reserve releases, moderating trading revenue, mixed loan growth and a consumer willing to take on debt.”
With eager traders continuing to watch data updates in the weeks ahead, some of the more hopeful of the bunch are looking at the fact that the 80.5% of the 41 S&P companies that have reported their 3rd quarter earnings so far have been able to top earnings-per-share expectations this year giving yet another glimmer of hope in this new volatile trading environment.
Learn More Here…
If you’re interested in hearing more about this week’s market updates as well as new ways you could learn to play the markets and take advantage of profitable opportunities despite current market conditions, then we encourage you to sit down for the latest episode of Ask the Pros where host Celeste Lindman gathers some new and old faces on the panel to discuss their takes on current market trends.
P.S. – Don’t forget to check out how you could collect up to $2,000 in weekly income from the stock market with only minutes of dedicated trading time, providing you the freedom to live your life and do the things you love all while your investments continue to grow!