US equities post modest weekly gains amid stimulus uncertainty, economic data

5

New York, Oct 18 | Wall Street’s major averages eked out modest gains in the week as investors monitored updates about a US coronavirus stimulus bill, while poring through a batch of key economic data.

For the week ending Friday, the Dow inched up 0.1 per cent, the S&P 500 rose 0.2 per cent, and the Nasdaq advanced 0.8 per cent, Xinhua news agency reported on Saturday.

The S&P US Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on US exchanges by total market cap, logged a weekly gain of 1.7 per cent.

Wall Street experienced choppy trading this week with the major indexes suffering three straight sessions’ losses from Tuesday to Thursday, as investors fretted over the uncertain fate of a US coronavirus stimulus bill.

Hopes that more COVID-19 relief aid would come to fruition before the election were dimmed as US lawmakers continued to send mix signals about the development.

“While optimism remains over an eventual stimulus bill, it appears unlikely that we’ll get one before the election,” said Kevin Matras, analyst at Zacks Investment Research. He added that the absence of an imminent deal would remove the immediate upward catalyst for the market.

The equities managed to close mostly higher on Friday after data showed US retail sales came in stronger than expected.

US retail sales climbed 1.9 per cent in September, the Department of Commerce reported on Friday. Economists polled by MarketWatch had forecast a 1.2 per cent increase.

“There’s a lot of healing in that chart, but the healing process has slowed,” Chris Low, chief economist at FHN Financial said in a note, adding “there is still obvious damage in the economy.”

Meanwhile, investors were cautious as weekly US jobless claims remained elevated.

US initial jobless claims, a rough way to measure layoffs, increased by 53,000 to 898,000 in the week ending October 10, the Department of Labor reported on Thursday. Economists polled by MarketWatch had forecast new claims to fall to 825,000.

Earnings season kicked off this week, with banks leading the charge. Most of the banks that have reported so far delivered better-than-expected results, largely helped by improved credit quality and continued capital markets momentum.

JPMorgan Chase reported third-quarter earnings on Tuesday that beat market consensus as a rebound in global markets lifted the bank’s trading revenue.

Goldman Sachs and Citigroup also reported quarterly results that exceeded consensus estimates. Bank of America’s earnings topped expectations, while overall revenue missed estimates.

“Insofar as banks are a proxy for the economy’s health, the outlook for growth is likely better than most think,” Mitch Zacks, CEO at Zacks Investment Management, said in a note on Saturday.

Looking ahead, experts said investors would have to brace themselves for continued volatility.

“Market volatility is set to continue in the weeks ahead as investors brace for a host of uncertainties, including the timing of vaccine availability, the size and timing of additional US fiscal stimulus, and the election outcome,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.

Source: IANS

Sponsors Posts

Teamology Softech And Media Makes PR Affordable for SMEs In India

Teamology Softech And Media Makes PR Affordable for SMEs In India

Don’t have enough funds to spend on your business or do u have very limited amount of money for your business PR? No worries when Teamology make affordable PR for your business and brand. Teamology Softech And Media Services Pvt Ltd are a high term Digital PR, Information Technology, Digital Marketing and Brand Consulting firm in India.

How to transform your small business into a big business?

Every startups face many challenges, but none as uncertain or life-threatening as the struggle to remain cash positive. In enhancement, new companies have to pay thousands a month in team salaries, office-leasing fees, raw materials, and other continuous operational costs all while struggling to secure enough funds to stay afloat.

Mr. Gulrez Alam, a young entrepreneur and Managing Director at Teamology Softech and Media Services Pvt. Ltd. He is also a co-founder of Sarkarinaukriind.com a leading educational Sarkari Naukri Information portal in India shares his experience where he felt extremely helpless to promote his own site sarkarinaukriind.com as it’s not possible for young entrepreneurs to invest huge amount in their PR activities for SMEs.  Caught in this dire financial balancing act, most entrepreneurs end up abandoning investments they come to view as unnecessary, such as marketing and advertising. Yet the cruel irony is that neglecting marketing altogether smothers a business’s growth, leaving it less revenue to collect and forcing it into an even more definitive budget.

So after his personal experience where he wasn’t able to do his PR and advertisement of the webportal.  Mr. Gulrez Alam along with Mr. Badshah Ansari who is now a technical director of Teamology softech and Media services Pvt.Ltd  decided to startup a business venture where their company Teamology Softech and Media Services Pvt. Ltd  provides offer of  100% Guaranteed Digital PR over the world. They are also running ads and manage social media account of many happy clients. They Boost your social media Engagement apparently. They have a dedicated team who are expert In SEO Services.

The teamology Providing Backlink, Page Optimization, Schema Markup, On-Page SEO, Off-Page SEO, and many more. They also Offers Website and App Development Services. Custom Web development, Design according to SEO Algorithm. Teamology has a Team of Experts Writer, who writes the article for many reputed organizations like Forbes, Entrepreneur, Buzzfeed, and many Indian news websites.

Teamology Team consists of more than 30 Marketers, Writers, and Managers. The Main Motto of Teamology is to provide best PR service and also sssured that client’s project would deliver on time. Teamology  Supports Small and medium Startups to provide excellent service at the best price. Teamology has joined the gap between startups, SMEs, individuals, and mainstream media affordable to every enterprise. it included mainstream media in the press announcement field. Teamology have directly affiliated with 100+ online news channels in linguistics.

At present Teamology has 160+ clients, their have 100+ publications in total and approximately 10k satisfied and happy clients.  Their Mission is to helps in Branding, Digital Marketing, E-Commerce, and Design to grow Startups & Brands to meet Consumer’s needs and develop world-class skills & abilities. According to the founder of Teamology, Their  main goal is to help customers return on their investment, improve their operational performance, deliver their products and services more effectively & efficiently, and grow their businesses in existing & new markets.

They help By engaging with the customers and their teams to strengthen digital marketing, E-Commerce, and brand management skills to build a consumer-centric design.

LEAVE A REPLY

Please enter your comment!
Please enter your name here