قالب وردپرس درنا توس
Home / Business / S & P 500 jumps 1% as Wall Street bounces back from Thursday's losses, Procter & Gamble rises

S & P 500 jumps 1% as Wall Street bounces back from Thursday's losses, Procter & Gamble rises



"The fundamentals of the economy are still there and profits are still good," said Quincy Krosby, senior market strategist at Prudential Financial. "The market will not recover immediately, it tends to recover."

American Express, PayPal and Skechers posted gains on Thursday surpassing analysts' expectations. Their shares rose 2.6 percent, 9.3 percent and 15.4 percent, respectively.

The corporate season has started well. According to FactSet, more than 15 percent of S & P 500 companies reported that 83 percent exceeded analyst expectations.

These moves followed a sell-off in the previous session as investors worried about rising interest rates, geopolitical tensions and a potential slowdown in the global economy. On Thursday, the Dow fell to more than 300 points after a collapse of Chinese stocks. History shows that when stocks collapse in China, the US market is seldom immune, as large exporters suffer.

China said overnight that its economy had grown 6.5 percent in the third quarter and missed expectations. However, Chinese stocks rallied as officials took steps to shore up the market, boosting sentiment in the US

Despite Friday's gains, however, equities fell sharply over the month. The Dow Jones and the S & P 500 Have Dropped More Than 4

"It all started a few weeks ago when [Vorsitzender] Jerome Powell [Federal Reserve] said we were far from neutrality," said Brent Schutte , Chief Investment Strategist for Northwestern Mutual Wealth Management. "What we see here is a good old fashion rating."

Schutte added that this recent pullback is a buying opportunity for investors.

-CNBC
Spriha Srivastava
contributed to the report.


Source link