Stock market news live updates: Stocks pace towards a weekly gain
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Stock market news live updates: Stocks pace towards a weekly gain
U.S. stocks rallied Friday as investors parsed through a medley of corporate financial results and considered the possibility Federal Reserve officials may stop raising rates sooner than anticipated.
In remarks at a meeting Friday, San Francisco Federal Reserve President Mary Daly said the U.S. central bank should avoid tipping the economy into an "unforced downturn" and that it was time to consider easing the pace of hikes.
The S&P 500 (^GSPC) bounced 1.8%, while the Dow Jones Industrial Average (^DJI) added 580 points, or 1.9%. The technology-heavy Nasdaq Composite (^IXIC) gained 1.5%. Treasuries saw sizable moves again, with the benchmark 10-year note surging past 4.2%, a level not seen since 2008, before taking a breather.
Investors assessed a Wall Street Journal report indicating Federal Reserve officials are poised to deliver another interest rate increase of 0.75% at their meeting Nov. 1-2 and are expected to debate then whether to and how to hint at plans to green light a smaller increase in December.
Despite the past two down days, equities are poised to end the week higher after a rally Monday and Tuesday gave all three major averages a boost and helped the S&P 500 churn out a 4% gain before the index lost its momentum. The S&P 500 was up 3.1% for October as of Thursday’s close – a respite for investors after its 9.3% loss in September.
“We’re closer to the end than we are to the beginning, and the more bear market rallies we see, the fewer are left before we finally flush it all out,” SoFi's Head of Investment Strategy Liz Young said in a note. “Still some more things to check off the list, but if or when earnings crack and just before economic data falls into contraction conditions, is when you start to pounce on market opportunities – that could be just around the corner.”
Third-quarter earnings season has so far held up better than many analysts have expected, with beats from companies like Netflix (NFLX), AT&T (T), and IBM (IBM) countered by big misses from names such as Snap (SNAP), which tumbled 31% Friday after disappointing Wall Street with its results.
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