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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

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Banks are viewed as bellwethers of economic health so their outperformance and outlooks from executives can embolden optimistic investors.

“The big macro theme is the reopening of the economy,” said Smigiel. “We’re seeing a reflection of increased activity.”

Next week will see a number of big names reporting across several sectors, including Johnson & Johnson /zigman2/quotes/201724570/composite JNJ -0.44% , Netflix /zigman2/quotes/202353025/composite NFLX -2.83% , Tesla /zigman2/quotes/203558040/composite TSLA -1.82% , Intel /zigman2/quotes/203649727/composite INTC -1.69% and Chipotle Mexican Grill /zigman2/quotes/200781108/composite CMG -1.36% .

“There’s quite a long runway for the U.S. economy,” said Shawn Snyder, head of investment strategy at Citigroup’s U.S. consumer wealth management division, in a phone interview Friday. “It should continue to grow for the next couple of years.”

Which companies were in focus?

  • Shares of Alcoa Corp. /zigman2/quotes/200686102/composite AA -2.18% soared 15.2% Friday after the aluminum producer reported stronger-than-expected results, said it would pay its first dividend since 2016 and announced a $500 million share buyback.

  • Virgin Galactic Inc. /zigman2/quotes/208333884/composite SPCE -7.59% shares plunged 16.8% after delaying its next test flight and the start of its space-tourism business.

  • Shares of Charles Schwab Corp.  SCHW rose 3.6% to another record Friday, after the discount broker reported third-quarter profit and revenue that rose above expectations, as continued bullish investor sentiment helped produce a fivefold increase in trading revenue. 

  • Shares of Prologis Inc.   PLD  increased 0.9% after the real-estate investment trust focused on leasing logistics facilities reported third-quarter earnings that rose above expectations, and boosted its full-year outlook, amid record increases in market rents and valuations. 

How did other assets trade?

  • The 10-year Treasury yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.35% rose almost 6 basis points to 1.574% Friday, but was still down 3 basis points for the week. Yields and debt prices move in opposite directions.

  • Oil futures finished higher , with the U.S. benchmark /zigman2/quotes/209723049/delayed CL00 +1.77% rising 1.2% to settle at $82.28 a barrel. Gold futures /zigman2/quotes/210034565/delayed GC00 +0.04% ended lower Friday, falling nearly 1.7% to settle at $1,768.30 an ounce. For the week, gold gained 0.6%.

  • The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.97% closed 0.7% higher for a weekly gain of 2.65%, while London’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.63% rose 0.4% Friday to advance 2% this week.

  • The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.16% closed 0.4% higher Friday, but fell 0.6% for the week. Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -1.52% advanced 1.8% Friday for a weekly gain of 3.6%.

—Barbara Kollmeyer contributed to this article.

/zigman2/quotes/201724570/composite
US : U.S.: NYSE
$ 167.10
-0.74 -0.44%
Volume: 7.82M
Jan. 18, 2022 4:00p
P/E Ratio
24.98
Dividend Yield
2.54%
Market Cap
$441.86 billion
Rev. per Employee
$679,695
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/zigman2/quotes/202353025/composite
US : U.S.: Nasdaq
$ 510.80
-14.89 -2.83%
Volume: 4.84M
Jan. 18, 2022 4:00p
P/E Ratio
46.04
Dividend Yield
N/A
Market Cap
$232.86 billion
Rev. per Employee
$3.05M
loading...
/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 1,030.51
-19.10 -1.82%
Volume: 22.33M
Jan. 18, 2022 4:00p
P/E Ratio
333.67
Dividend Yield
N/A
Market Cap
$1054.09 billion
Rev. per Employee
$662,097
loading...
/zigman2/quotes/203649727/composite
US : U.S.: Nasdaq
$ 54.76
-0.94 -1.69%
Volume: 35.33M
Jan. 18, 2022 4:00p
P/E Ratio
10.63
Dividend Yield
2.54%
Market Cap
$226.53 billion
Rev. per Employee
$709,530
loading...
/zigman2/quotes/200781108/composite
US : U.S.: NYSE
$ 1,477.75
-20.38 -1.36%
Volume: 423,283
Jan. 18, 2022 4:02p
P/E Ratio
59.32
Dividend Yield
N/A
Market Cap
$42.15 billion
Rev. per Employee
$81,752
loading...
/zigman2/quotes/200686102/composite
US : U.S.: NYSE
$ 60.05
-1.34 -2.18%
Volume: 5.99M
Jan. 18, 2022 4:00p
P/E Ratio
13.98
Dividend Yield
N/A
Market Cap
$11.49 billion
Rev. per Employee
$885,969
loading...
/zigman2/quotes/208333884/composite
US : U.S.: NYSE
$ 9.37
-0.77 -7.59%
Volume: 24.07M
Jan. 18, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.62 billion
Rev. per Employee
$3,829
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.88
+0.0065 +0.35%
Volume: 0.00
Jan. 18, 2022 8:57p
loading...
/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 86.33
+1.50 +1.77%
Volume: 19,882
Jan. 18, 2022 8:47p
loading...
/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,813.10
+0.70 +0.04%
Volume: 4,302
Jan. 18, 2022 8:47p
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/zigman2/quotes/210599654/delayed
XX : STOXX
479.79
-4.72 -0.97%
Volume: 0.00
Jan. 18, 2022 11:03p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,563.55
-47.68 -0.63%
Volume: 747,547
Jan. 18, 2022 4:58p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,575.45
+5.53 +0.16%
Volume: 6.70B
Jan. 19, 2022 9:42a
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
27,829.05
-428.20 -1.52%
Volume: 0.00
Jan. 19, 2022 10:37a
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