• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Wall Street kicks off October with gains, boosted by economic optimism

October 1, 2021 by David Barret Leave a Comment

October 1, 2021

By Stephen Culp

(Reuters) – Wall Street advanced in a broad rally on Friday, after sorting out conflicting news about the economy, the battle against COVID, and legislative wrangling in Washington at the start of the fourth quarter.

All three major U.S. stock indexes began trending higher by late afternoon, buoyed by economically sensitive cyclicals.

“It’s the first day of trading in a new quarter so it’s common to see stocks move in and out of the plus and minus columns,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. “September played its traditional role by cooling down the market and probably presenting a buying opportunity.”

Merck & Co Inc revealed that a recent study showed its experimental oral drug for COVID-19 cut risk of death and hospitalization by about 50%, sending its shares jumping about 10% and boosting economic reopening sentiment.

The news provided “another reason to be optimistic,” said Cardillo. “It lessens the threat of the virus and obviously that means more people going back to work, more spending.”

While U.S. President Joe Biden signed into law a stop-gap bill to continue the government through Dec. 3, lawmakers only succeeded in kicking the can down the road.

This lack of resolution helped prompt rating agency Fitch to issue a warning that the United States’ ‘AAA’ credit rating could be at risk.

A host of economic data released on Friday showed increased consumer spending and accelerated factory activity and elevated inflation growth, a formula that could help nudge the U.S. Federal Reserve toward shortening its timeline for tightening its accommodative monetary policy.

Philadelphia Fed President Patrick Harker repeated his view expressed in a speech delivered on Wednesday that he believes the central bank should begin tapering its asset purchases “soon,” but reiterated that he does not expect it to hike key interest rates until late next year or early 2023.

The Dow Jones Industrial Average rose 465.23 points, or 1.37%, to 34,309.15, the S&P 500 gained 46.2 points, or 1.07%, at 4,353.74 and the Nasdaq Composite added 80.37 points, or 0.56%, at 14,528.95.

All 11 major sectors in the S&P 500 were higher, with healthcare stocks lagging.

The sector’s gains were capped by a 11.8% drop in shares of COVID vaccine maker Moderna Inc in the wake of the Merck news.

Economic optimism prompted value stocks outperform growth, and transports and smallcaps to outperform the broader market.

Advancing issues outnumbered decliners on the NYSE by a 2.19-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favored advancers.

The S&P 500 posted 7 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 55 new highs and 129 new lows.

(Reporting by Stephen Culp; Editing by Richard Chang)

Source Link Wall Street kicks off October with gains, boosted by economic optimism

David Barret
David Barret

Related posts:

  1. U.S. casino stocks fall with jitters over Macau regulations, COVID-19 outbreak
  2. Extra Crunch roundup: BNPL bonanza, scraping Toast’s S-1/A, early-stage SaaS pricing
  3. Burro raises $10.9M for autonomous produce field transport
  4. Fiveable lands $10M Series A to become ‘the hallways of the educational internet’

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Jupiter’s Mysterious Core: Science’s Best Explanation For How It Formed Doesn’t Work After All
  • The Largest Ancient Whale Graveyard In The World Is In The Middle Of… A Desert?
  • Some Languages Don’t Clearly Express A Sense Of The Future, And It Skews The Way We See Reality
  • Rare White Kiwi Seen Scampering Back To Its Burrow In Broad Daylight In New Zealand
  • What Is Osmotic Power? Japan’s New Renewable Energy Plant Goes Live
  • The “Wow!” Signal Was Likely From An Extraterrestrial Source, And More Powerful Than We Thought
  • The Greatest Prank Ever Pulled In Space Really Fooled NASA’s Mission Control
  • Why Does Seafood Glow In The Dark? This Curious Phenomenon Has A Teeny Tiny Explanation
  • In 1973, A Handful Of People Witnessed A Whopping 74-Minute Total Eclipse
  • Does Putting A Metal Spoon In Champagne Really Keep It Fizzy?
  • Why Scientists Are Going Over A Kilometer Underground In The Search For Alien Life
  • The Deadliest Animal In The US Isn’t What You’d Expect
  • Humpback Whale Flippers Let Them Move “Like Underwater Fighter Pilots” To Make Unique Bubble Nets
  • The Only Place On Earth Where You (Yes, You) Can Search For Diamonds – And Keep What You Find
  • Bizarre Gravitational Collisions Reveal Hints Of First Black Hole Throuple
  • Newly Discovered Dinosaur’s “Sail-Like” Structure Along Its Back May Have Attracted Mates
  • What Are Lagrange Points, And Why Are They Important?
  • Fish Left The Ocean 10 Million Years Earlier Than Thought, JWST Spots Tiny New Moon Just Outside Uranus’s Rings, And Much More This Week
  • IFLScience We Have Questions: Do Humans Have Pheromones?
  • The Least Visited Place On Earth Is Disappearing Quickly – And May Be Reborn Online
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version