- US stocks open higher
- Retail sales above expectations
- Goldman Sachs (GS.US) stock climbs after upbeat quarterly figures
US stock indexes rose on Friday after retail sales in the US posted another unexpected strong rise in September, which strengthened views about economic recovery. Also better-than-expected third-quarter earnings reports lifted market sentiment. On the week, three major US stock indexes are on track to book gains.
During today’s session US500 broke above major resistance at 4440.0 pts which coincides with 61.8% Fibonacci retracement of the last downward correction. If current sentiment prevails, upward move may accelerate towards next resistance at 4490.0 pts and is marked with upper limit of the 1:1 structure and 78.6% Fibonacci retracement. Source: xStation5
Company news:
Goldman Sachs (GS.US) stock jumped 2% in premarket after the investment bank posted upbeat quarterly results. Earnings per share surged to $14.93 from $8.98 a year earlier, beating analysts' expectations of $10.11 per share. Total revenue increased 26% to $13.61 billion. Investment banking revenue nearly doubled to $3.55 billion. Goldman participated in a record wave of M&A activity that has boosted profit at other major US banks too.
Goldman Sachs (GS.US) stock launched today’s session with a bullish price gap and broke above the downward trendline. If current sentiment prevails, upward move may accelerate towards next resistance at $404.00 which is marked with 23.6% Fibonacci retracement of the upward wave launched in July. On the other hand, if sellers manage to regain control, nearest support lies at $393.75 and coincides with aforementioned trendline, 200 SMA ( red line) and 38.2% Fibonacci retracement. Source: xStation5
Moderna (MRNA.US) stock rose over 3.0% in premarket following an FDA panel recommendation for a booster dose of its Covid-19 for people 65 and over as well as those at high risk.
Alcoa (AA.US) stock surged more than 6% in premarket after the aluminum producer reported an adjusted quarterly profit of $2.05 per share, well above analysts’ expectations of $1.80. Revenue also beat market projections thanks to higher aluminum prices.
PNC Financial (PNC.US) shares rose over 1% in premarket after the company reported adjusted quarterly earnings of $3.75 per share, which topped market expectations of $3.20. Revenue also surprised on the upside as the company benefited from the recapture of credit loss provisions as well as the integration of BBVA USA, a deal that closed last October.
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