Led By Financial Sector, SP500 Index Trims Weekly Losses
U.S. stocks rallied on Friday, as sentiment on risky assets was enhanced after a trio of U.S biggest lenders reported third-quarter results that topped markets’ estimates, although all three banks published sales and earnings fell from the same period last year.
All 11 sectors making up the SP500 were trading higher, led by 1.06% increase in shares of financial institutions.
Another factor that built up market’s confidence is the data on U.S retail sales. As stated by the Census Bureau, sales at U.S. retail stores rebounded to 0.6% in September, after declining 0.3% in August. The so-called core retail sales that strips out sales of automobiles also posted a gain of 0.5%
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