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Oct. 15, 2021, 4:38 p.m. EDT

Dow closes above 35,000, stocks book second straight week of gains after retail sales beat expectations

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By Christine Idzelis and Mark DeCambre

U.S. stocks closed higher Friday, with major benchmarks booking a second straight week of gains, as quarterly results from Goldman Sachs and better-than-expected U.S. September retail sales helped fuel buying on Wall Street.

How did stock indexes trade?

  • The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.82% jumped 382.20 points, or 1.1%, to close at 35,294.76.

  • The S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.42% climbed 33.11 points, or 0.8%, to finish at 4,471.37, handily above its 50-day moving average at 4,436.74 for the first time, after slipping below that level near the end of September.

  • The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.83% advanced 73.91 points, or 0.5%, to end at 14,897.34.

On Thursday , the Dow rose 535 points, or 1.56%, to 34913, the biggest one-day point and percentage gain since July 20. The S&P 500 increased 74 points, or 1.71%, to 4438, its best day since early March, while the Nasdaq Composite gained 252 points, or 1.73%, to 14823, its best day since May.

All three major U.S. stock-market benchmarks posted a second straight week of gains. The Dow saw a weekly gain of 1.6%, while the S&P 500 advanced 1.8% and the Nasdaq rose 2.2%.

What drove the market?

U.S. stock investors maintained a bullish stance Friday after a report on September retail sales indicated that Americans are spending enough money to sustain an economic recovery from the pandemic, even if consumers are paying more to do so.

Retail sales climbed 0.7% last month,  the government said Friday . Economists polled by The Wall Street Journal had forecast a 0.2% decline.

“That’s a big surprise,” said Jim Smigiel, chief investment officer at SEI, in a phone interview Friday. After the spread of the delta variant of the coronavirus led to a rise in COVID-19 cases, “people are ready to get back in the mix and they’re doing that voting with their dollars,” he said.

While sales rose in most major categories last month, consumer sentiment in October has slipped. A reading of consumer sentiment from the University of Michigan fell to 71.4 this month, from 72.8 in September.

“Consumer sentiment dropped again, and the survey pointed to many worries on consumers’ minds that will continue to dim the pace of consumer spending into 2022,” wrote Robert Frick, corporate economist with Navy Federal Credit Union, in a daily note. However, he said that the jump in consumer spending and an increase in savings were mitigating factors to the dour outlook held by many Americans.

“The concerns are real, but so is the excess $1 trillion saved from stimulus and lack of spending during the shutdown, and so is the pent-up demand to spend across the board as the economy reopens,” Frick wrote.

Stock indexes have been trending up as Wall Street cheers a batch of third-quarter earnings reports that are beating expectations, including those from banks Morgan Stanley /zigman2/quotes/209104354/composite MS +3.78% , Bank of America /zigman2/quotes/200894270/composite BAC +2.89% , Citigroup /zigman2/quotes/207741460/composite C +2.06% and Wells Fargo /zigman2/quotes/203790192/composite WFC +3.60% .

On Friday, Goldman Sachs /zigman2/quotes/209237603/composite GS +2.94% reported third-quarter net income of $5.28 billion, or $14.93 a share, compared with $3.23 billion, or $8.98 a share, in the year-ago period. Goldman’s stock rose 3.8% Friday, with the Dow component’s rally helping to buoy the price-weighted index.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,639.79
+617.75 +1.82%
Volume: 470.58M
Dec. 2, 2021 5:08p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,577.10
+64.06 +1.42%
Volume: 2.80B
Dec. 2, 2021 5:08p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
15,381.32
+127.27 +0.83%
Volume: 4.53M
Dec. 2, 2021 5:16p
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/zigman2/quotes/209104354/composite
US : U.S.: NYSE
$ 98.86
+3.60 +3.78%
Volume: 10.69M
Dec. 2, 2021 4:03p
P/E Ratio
12.62
Dividend Yield
2.83%
Market Cap
$170.94 billion
Rev. per Employee
$766,074
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/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 44.89
+1.26 +2.89%
Volume: 57.82M
Dec. 2, 2021 4:00p
P/E Ratio
13.43
Dividend Yield
1.87%
Market Cap
$358.79 billion
Rev. per Employee
$445,624
loading...
/zigman2/quotes/207741460/composite
US : U.S.: NYSE
$ 63.81
+1.29 +2.06%
Volume: 24.89M
Dec. 2, 2021 4:02p
P/E Ratio
5.97
Dividend Yield
3.20%
Market Cap
$124.06 billion
Rev. per Employee
$423,538
loading...
/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 48.91
+1.70 +3.60%
Volume: 29.18M
Dec. 2, 2021 4:02p
P/E Ratio
11.55
Dividend Yield
1.64%
Market Cap
$188.24 billion
Rev. per Employee
$305,853
loading...
/zigman2/quotes/209237603/composite
US : U.S.: NYSE
$ 387.54
+11.06 +2.94%
Volume: 3.34M
Dec. 2, 2021 4:00p
P/E Ratio
6.39
Dividend Yield
2.06%
Market Cap
$126.04 billion
Rev. per Employee
$1.31M
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