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Stocks Bounce Back Around the World After a Week of Selling Stocks Bounce Back Around the World After a Week of Selling
(35 minutes later)
Wall Street started Friday by shaking off an ugly six-day stretch of trading, as stocks opened higher with the help of two solid earnings reports from the financial sector. Stocks snapped a six-day losing streak Friday, as the unofficial start of the quarterly corporate earnings season offered a crucial crutch for a limping market.
Technology stocks, which had been hit particularly hard during the sell-off, rose sharply. The Nasdaq index gained more than 2 percent in early trading while the Standard & Poor’s 500-stock index rose as much as 1.5 percent. After a shaky week — including the steepest drop in eight months on Wednesday — the Standard & Poor’s 500-stock index rose 1.4 percent on Friday The tech-heavy Nasdaq Composite index climbed 2.3 percent, on strong gains from tech giants such as Apple, Amazon.com and Microsoft.
The gains in the United States came after rebounds in Asian and European markets. Stocks in China and Japan finished modestly higher, and markets in Hong Kong and Taiwan rose more than 2 percent. Major indexes in Britain, France and Germany were up less than 1 percent in early trading. Friday’s rally repaired some of the damage done by a tumultuous week of trading. But the benchmark S. & P. 500 still lost 4 percent for the week.
Trade data from China appeared to be calming investors’ anxiety. On Friday, China said exports had risen more than expected in September as a result of increases in shipments to Europe and stable trading with the United States despite escalating tensions. The gains in the United States on Friday followed rebounds in Asian and European markets. Stocks in China and Japan finished modestly higher, and markets in Hong Kong and Taiwan rose more than 2 percent. Major indexes in Britain, France and Germany fell slightly.
[Read more: The Biggest Buyers of American Stocks Are on The Sidelines Right Now.] Trade data from China appeared to be calming investors’ anxiety. On Friday, China said exports rose more than expected in September as a result of increases in shipments to Europe and stable trading with the United States despite escalating tensions.
The data was a reminder that global demand remains strong even amid broad concerns about rising interest rates and the strain between Washington and Beijing.The data was a reminder that global demand remains strong even amid broad concerns about rising interest rates and the strain between Washington and Beijing.
“The trade-oriented industries are still vulnerable to further escalation,” Julia Wang, an economist with HSBC, said in a research note.“The trade-oriented industries are still vulnerable to further escalation,” Julia Wang, an economist with HSBC, said in a research note.
In the United States, JPMorgan Chase and Citigroup — the country’s largest and third-largest banks by assets — reported better-than-expected third-quarter profits, sending their share prices higher. In the United States, JPMorgan Chase and Citigroup — the country’s largest and third-largest banks by assets — reported better-than-expected third-quarter profits.
Investors have also been concerned about the strength of corporate earnings and the effect of United States sanctions on Iran, which could push up the price of oil.Investors have also been concerned about the strength of corporate earnings and the effect of United States sanctions on Iran, which could push up the price of oil.
“We all know that markets react emotionally sometimes, and there is plenty to be emotional about,” Christopher Smart, head of macroeconomic and geopolitical research at Barings, wrote in a note to investors.“We all know that markets react emotionally sometimes, and there is plenty to be emotional about,” Christopher Smart, head of macroeconomic and geopolitical research at Barings, wrote in a note to investors.