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SUNDAY, October 02, 2022
S&P 500 rises after earnings reports; Nasdaq falls

S&P 500 rises after earnings reports; Nasdaq falls

THURSDAY, February 04, 2021
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Stocks rose for a third straight day, with investors assessing corporate earnings. Treasurys retreated. Oil climbed.

The S&P 500 advanced at a slower pace relative to the surge of the past two sessions, with energy and financial shares outpacing tech even after Google's parent Alphabet Inc. hit a record on stellar results. The Nasdaq 100 fell, led by Inc. Banks climbed as JPMorgan Chase & Co. and Morgan Stanley issued bullish calls on the industry. GameStop Corp., the poster child for Redditors looking to squeeze short sellers, and movie-theater chain AMC Entertainment Holdings Inc. rebounded following Tuesday's plunge. Drugmaker Biogen Inc. slumped after disappointing forecasts.

Bonds fell as the U.S. Treasury held steady its planned issuance of longer-dated securities at a quarterly debt auction next week, with officials awaiting the result of the government's push for a fresh coronavirus relief package. Data showed companies added more jobs than forecast in January, while growth at service providers accelerated. The scattered signs of a pickup in activity come as President Joe Biden tries to win congressional passage of a $1.9 trillion stimulus proposal. Federal Reserve Bank of St. Louis President James Bullard said stock prices reflect optimism about the economic recovery.

"There has been a ton of noise in the stock market these past few weeks, so it's encouraging to see solid economic reads," said Mike Loewengart, managing director of investment strategy at E*Trade Financial Corp. "There may be signs of overextension when it comes to single stocks, but under the surface there is an economy regaining serious momentum."

Normalcy has yet to return to the Cboe Volatility Index even after its biggest two-day decline in about three years. Tuesday's close was 31% higher than the average since VIX calculations began in 1990, according to data compiled by Bloomberg. There hasn't been a below-average close in about a year. VIX futures are indicating that "volatility will remain elevated for many months," Nicholas Colas, co-founder of DataTrek Research LLC, wrote Tuesday in a report.

Elsewhere, crude climbed as OPEC+ said it will keep pushing to quickly clear the oil surplus left behind by the pandemic -- a bullish signal for prices that have already surged to a one-year high.

These are some of the main moves in markets:


- The S&P 500 advanced 0.1% at 4 p.m. EST.

- The Stoxx Europe 600 Index climbed 0.3%.

- The MSCI Asia Pacific Index increased 1.1%.


- The Bloomberg Dollar Spot Index was little changed.

- The euro dipped 0.1% to $1.2035.

- The Japanese yen was little changed at 105.02 per dollar.


- The yield on 10-year Treasurys rose three basis points to 1.13%.

- Germany's 10-year yield climbed three basis points to -0.46%.

- Britain's 10-year yield jumped two basis points to 0.371%.


- West Texas Intermediate crude increased 2% to $55.85 a barrel.

- Gold lost 0.2% to $1,833.85 an ounce.

- Silver rose 0.6% to $26.83 per ounce.