Stocks rise on strong earnings reports
Strong earnings from Goldman Sachs and positive economic data propelled stocks north on Wall Street Friday, extending the Nasdaq’s and S&P 500’s winning streak to a third day.
Financial stocks led the rally after Goldman posted a 60% jump in quarterly profit. That report capped a banner quarter for the U.S.’ biggest banks which cashed in on a record wave in deal making.
Mercadien Asset Management’s Ken Kamen says that, along with last month’s 0.7% gain in retail sales, drove sentiment on the Street higher.
“The banks have been reporting very positive numbers. We’re also still having consumers with a lot of cash. You know supply is limited, but demand is certainly there.”
Demand for Goldman shares, which rose nearly 4%, helped push the Dow up over 1%. The S&P 500 added three-quarters percent. And the Nasdaq advanced a half percent.
On the week, the major indexes notched solid gains.
Shares of Johnson & Johnson rose. A U.S. Food and Drug Administration advisory panel voted unanimously to recommend its COVID-19 booster shot for all adults at least two months after their first dose. On Thursday, that panel backed Moderna’s booster shots for elderly Americans and those at high risk of severe illness.
But Moderna shares fell Friday after the Wall Street Journal reported the FDA is delaying its decision on authorizing its COVID-19 vaccine for adolescents… so it can check if the shot could boost the risk of a rare inflammatory heart condition.
