Friday trading
US stock indices rallied on Friday as investors absorbed Goldman Sachs' sharp gain and an unexpected rise in retail sales. The Dow Jones Industrial Average jumped 207 points, or 0.59%, while the S&P 500 and Nasdaq Composite indices rose 0.47% and 0.35% respectively.
The early rise came after the Ministry of Commerce reported that retail sales rose 0.7% in September, exceeding the 0.2% decline expected by analysts polled by Refinitiv. The results were supported by shoppers returning to school and more workers returning to the office. On the equities side, Goldman Sachs Group Inc. beat past earnings and revenue estimates as its investment banking and trading business announced outstanding results.
JB Hunt Transportation Services Inc. reported a 56% year-on-year increase in quarterly profit, as growth in all business units helped offset rising costs and a lack of network flexibility.
Elsewhere, the Food and Drug Administration panel of experts recommended that the COVID-19 Moderna Inc. vaccine be revaccinated for adults aged 65 and over and other high-risk individuals. The meeting continues with a vote on the J&J booster, which is expected shortly.
Cryptocurrency-linked names including Coinbase Global Inc. and Riot Blockchain Inc. rose as bitcoin approached $60,000 a token after a Bloomberg report Thursday night said the US Securities and Exchange Commission would allow bitcoin futures trading.
Shares of space travel company Virgin Galactic Holdings Inc. fell after the company delayed the rollout of its commercial services until late 2022 as it works to upgrade its vehicles.
On the commodities side, West Texas Intermediate crude rose $1 to $82 a barrel, while gold fell $16.30 to $1,781.60 an ounce.
Foreign markets were broadly up. In Europe, the British FTSE 100 rose 0.19%, while Germany's DAX 30 gained 0.24% and France's CAC 40 added 0.34%.
Asian bourses showed strong gains, with China's Shanghai Composite up 0.4%, while Hong Kong's Hang Seng and Japan's Nikkei 225 were up 1.48% and 1.81% respectively.
