US Stocks See Highest Level for 8 Weeks, Citigroup Profits Soar
October 16, 2015 6:48 am
US equities ended in positive territory with Wall St hitting its highest level in eight weeks, led by strong earnings from Citigroup and eight of the S&P500 sectors increasing by over 1%. The Dow finished 217 points higher at 17,141, while the S&P500 rose 29 points to close at 2023. Asian shares followed the lead from the US by hitting two month highs after better than expected US economic data calmed fears about the strength of the US economy.
The Euro was steady at $1.1376, having slid from a 7-week peak of $1.1495. The Greenback also gained 0.2% against the Yen, buying 119.11 yen after pulling away from a 7-week trough of 118.065 struck overnight. Despite the overnight gains, USD is currently still poised to lose 1% this week. AUD was down 0.5% at $0.7292; it was still on track to gain 0.5% on the week, having drawn support from firmer commodity prices and growing doubts that the Fed will raise rates this year.
U.S. crude was up 0.5% at $46.88 a barrel, after shedding 0.6% on Thursday. Brent added 0.4 percent to $50.12. Spot gold was steady at $1,179.40 an ounce, after jumping to $1,190.63 in the previous session.
Within the equity space, Citigroup Inc, the number three US bank by assets, reported a 51% jump in quarterly profit to $4.3bn earlier. Lower costs more than made up for a fall in revenue amid increased market volatility and uncertainty about the timing of a US interest rate hike. The stock closed up by 4.42% yesterday.
US equities ended in positive territory with Wall St hitting its highest level in eight weeks, led by strong earnings from Citigroup and eight of the S&P500 sectors increasing by over 1%. The Dow finished 217 points higher at 17,141, while the S&P500 rose 29 points to close at 2023. Asian shares followed the lead from the US by hitting two month highs after better than expected US economic data calmed fears about the strength of the US economy.
The Euro was steady at $1.1376, having slid from a 7-week peak of $1.1495. The Greenback also gained 0.2% against the Yen, buying 119.11 yen after pulling away from a 7-week trough of 118.065 struck overnight. Despite the overnight gains, USD is currently still poised to lose 1% this week. AUD was down 0.5% at $0.7292; it was still on track to gain 0.5% on the week, having drawn support from firmer commodity prices and growing doubts that the Fed will raise rates this year.
U.S. crude was up 0.5% at $46.88 a barrel, after shedding 0.6% on Thursday. Brent added 0.4 percent to $50.12. Spot gold was steady at $1,179.40 an ounce, after jumping to $1,190.63 in the previous session.
Within the equity space, Citigroup Inc, the number three US bank by assets, reported a 51% jump in quarterly profit to $4.3bn earlier. Lower costs more than made up for a fall in revenue amid increased market volatility and uncertainty about the timing of a US interest rate hike. The stock closed up by 4.42% yesterday.
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