Latest News

Stocks climb with upbeat earnings; U.S. oil rises after EIA data

Economy20 minutes ago (Oct 20, 2021 16:36)

© Reuters. FILE PHOTO: A man wearing a protective face mask walks past a screen displaying a graph showing recent Nikkei share average outside a brokerage, amid the coronavirus disease (COVID-19) outbreak, in Tokyo, Japan November 2, 2020. REUTERS/Issei Kato


By Caroline Valetkevitch

NEW YORK (Reuters) -Stock indexes rose globally on Wednesday as more companies reported earnings that beat analysts’ expectations, while the U.S. dollar dipped.

U.S. crude oil futures turned positive after data from the U.S. Energy Information Administration showed inventories dropped in the most recent week.

In cryptocurrencies, bitcoin hit a record high, a day after the first U.S. bitcoin futures-based exchange-traded fund began trading.

The corporate earnings season will be in full swing in many countries over the coming weeks.

Verizon Communications Inc (NYSE:VZ) gained 2.1% as it added more postpaid phone subscribers than expected in the third quarter. Tesla is among companies that will release results later on Wednesday.

But investors are on high alert for corporate comments on the impact of supply constraints, higher costs and labor shortages. They will also be glued to earnings from the heavily weighted U.S. technology names.

“People are waiting to see what the large tech companies are going to report. That is probably the real reason we’re seeing individual stocks responding more than the broader market,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

The Dow Jones Industrial Average rose 162.69 points, or 0.46%, to 35,620, the S&P 500 gained 16.45 points, or 0.36%, to 4,536.08 and the Nasdaq Composite added 22.58 points, or 0.15%, to 15,151.67.

The pan-European STOXX 600 index rose 0.30% and MSCI’s gauge of stocks across the globe gained 0.39%.

In the U.S. Treasury market, benchmark 10-year notes last fell 4/32 in price to yield 1.6461%.

Investors are trying to gauge the outlook for interest rates. They expect the U.S. Federal Reserve to announce tapering of its bond buying, and money markets futures are pricing in one U.S. rate hike later next year.

The greenback hit a one-year high against a basket of other currencies last week as market participants ramped up bets that the Fed will raise rates sooner than expected to quell rising price pressures.

Those bets have faded, however, while investors are pricing for even more aggressive rate increases in other countries and as commodity-linked currencies including the Canadian and Australian dollars outperform.

The dollar index was last down 0.2% at 93.63.

In energy markets, U.S. crude recently rose 0.71% to $83.55 per barrel and Brent was at $85.33, up 0.29% on the day.

U.S. gold futures gained 0.73% to $1,782.70 an ounce.

Stocks climb with upbeat earnings; U.S. oil rises after EIA data

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

You may also like

Leave a reply

Your email address will not be published.

More in Latest News