US Stocks Gain Friday Amid Upbeat Earnings Reports, Surprise Rise in Retail Sales

Last Updated: Friday, October 15, 2021 4:14 PM | MT Newswires

US stocks rose Friday, stretching a powerful rebound into a second day, after September retail sales unexpectedly rose and more companies reported strong earnings.

The reports suggested rising prices and supply chain snags haven't seriously dented demand to this point.

The S&P 500 rose 0.8% to 4471.37, pushing its gain for the week to 1.8% as buyers rushed back in after the market didn't roll over at the midweek lows. The Dow Jones Industrial Average gained 1.1% to 35,294.76 and the Nasdaq Composite advanced 0.5% to14,897.34.

Financials, industrials, and cyclical consumer stocks led the way, while staples, utilities, and real estate shares struggled.

The 10-year US Treasury yield rose 6 basis points to 1.58%, a bit below recent four-month highs. West Texas Intermediate crude oil rose $0.87 to $82.18 a barrel, near the seven-year highs reached this week. Bitcoin jumped 6.3% to $61,283, just off April's record.

US retail sales rose 0.7% in September compared with a 0.2% decline expected in a Bloomberg survey, after an upwardly revised gain of 0.9% for August.

Alcoa (AA) shares soared more than 15% after the aluminum supplier posted third-quarter sales and earnings above estimates. The company also reinstated its dividend and authorized share buybacks, saying it has confidence the sharp upswing in aluminum prices amid strong demand has staying power. Aluminum shipments were down 6% year-over-year amid a shortage of rail cars among other factors, while revenue increased 31% over the same span.

The same pricing dynamic delivered the third-quarter goods for trucking giant J.B. Hunt (JBHT), with intermodal shipment volumes down 6% but segment revenue up 17% and segment operating income up 52% year-over-year. Overall revenue was up 27% and operating income 56%, beating expectations and driving the stock to a record high, up 8.7% Friday.

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