Last week, the S&P 500 index rose 0.9%, its sixth consecutive weekly gain, as a number of heavyweight US companies released quarterly results that topped expectations. The index is now up 1.8% for October and 23% for the year to date.
Companies including Netflix (NFLX), Goldman Sachs Group (GS), Morgan Stanley (MS) and Bank of America (BAC) released quarterly results above analysts’ expectations, giving a boost to US stocks and investor sentiment.
All but two sectors rose, led by a 3.4% climb in utilities and a 3% increase in real estate. Financials, materials and consumer discretionary were also up by more than 1% each.
Energy and health care were the sectors in the red for the week, falling 2.6% and 0.6%, respectively.
This week, companies releasing quarterly results will include GE Aerospace (GE), Danaher (DHR), Verizon Communications (VZ), Tesla (TSLA), Coca-Cola (KO) and Amazon.com (AMZN).
Economic data will include September existing home sales and new home sales as well as durable goods orders.
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