The S&P 500 index rose 1.1% last week, setting fresh record highs, as the Q3 earnings season started on a positive note. This marks the fifth consecutive weekly gain for the index. It is now up 0.9% for the month of October and 22% for the year to date.
The Q3 earnings season began with better-than-expected results from companies including JPMorgan Chase (JPM) and Wells Fargo (WFC). Investors took this as an encouraging sign for other companies’ results in the coming weeks.
The technology sector had the strongest percentage increase of last week, rising 2.5%, followed by a 2.1% climb in industrials and a 1.8% advance in financials. Health care, materials and consumer staples also rose.
On the downside, the utilities sector fell 2.6%, followed by a 1.4% loss in communication services. Consumer discretionary, energy and real estate also declined.
This week’s earnings calendar features a number of heavyweight companies including UnitedHealth Group (UNH), Johnson & Johnson (JNJ), Bank of America (BAC), Goldman Sachs Group (GS), Citigroup (C), Netflix (NFLX), Morgan Stanley (MS), and American Express (AXP).
The economic calendar includes September import prices, retail sales, industrial production, capacity utilization, housing starts and building permits.
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