Corporate America’s Strength Emboldens Stock Bulls: Markets Wrap
- Retail sales unexpectedly increase; consumer sentiment falls
- Goldman Sachs rallies after posting surge in trading business
WATCH: Diane Swonk, Grant Thornton’s chief economist, discusses what recent inflation readings could mean for the future of Fed policy.
Source: Bloomberg
Stocks notched their best week since July as solid corporate earnings and a surprise increase in retail sales spurred a rally in companies that are more likely to benefit from an economic rebound. Treasuries fell.
Equities rose on Friday even after data showing that consumer sentiment dropped in early October. Retailers and banks led gains in the S&P 500. Goldman Sachs Group Inc. climbed after posting a surge in its trading business, while broker Charles Schwab Corp. jumped on record earnings. Trucking giant J.B. Hunt Transport Services Inc. and Alcoa Corp. -- the biggest U.S. aluminum producer -- also soared on better-than-estimated results.