US stocks: US market posts weekly gains with earnings, inflation data on tap
Wall Street finished strong on Friday, fueled by optimism ahead of the third-quarter earnings reports from major players like Wells Fargo and Goldman Sachs. Analysts predict a notable growth in S&P 500 earnings year-over-year, even as worries about consumer sentiment loom. Oil prices dipped initially due to conflicting US-Iran news but later recovered. Moreover, significant companies such as…
The US stock market saw a weekly gain on Friday, as investors turned their attention to the upcoming third-quarter earnings season and inflation data, which could impact the Federal Reserve's policy decisions. The S&P 500 rose 0.60% to 7,811.71 points, the Nasdaq Composite increased 0.64% to 27,365.00, and the Dow Jones Industrial Average gained 0.84% to 51,661.54.
However, the rally was described as "tepid" by an analyst due to conflicting headlines surrounding Iran and the reversal of oil prices following President Trump's statement on not attacking Iran before the midterm elections. The third-quarter earnings season is set to begin next week, with major US banks expected to report results, with analysts forecasting a 30.6% year-over-year increase in aggregate S&P 500 earnings.
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