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US stocks extend gains on surprise retail sales increase as Goldman Sachs adds to strong bank earnings

Oct 15, 2021, 20:13 IST
Business Insider
Traders work on the floor of the NYSE. Brendan McDermid/Reuters
  • Stocks pushed higher Friday as retail sales and Goldman Sachs earnings outstripped expectations.
  • September retail sales rose 0.7%, better than estimates of a decline for the month.
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US stocks advanced Friday, with the S&P 500 index building on its best session in months, after September retail sales and earnings from Goldman Sachs beat forecasts.

All three major equity indexes extended gains notched in the pre-market session. The S&P 500 added to Thursday's 1.7% rise that marked its best day since March. The benchmarks were on course for gains this week, led by a potential 1% rise for the Nasdaq Composite.

Stocks on Friday found support from the government's retail sales report that suggested Americans set aside concerns about the spread of the Delta coronavirus variant in September to spend money at restaurants and retail shops. Retail sales rose 0.7% last month, exceeding the median estimate of a 0.2% decline from economists surveyed by Bloomberg.

Here's where US indexes stood at 9:30 a.m. on Friday:

Meanwhile, Goldman Sachs shares rose after the investment bank's third-quarter earnings of $14.93 a share came in well above estimates. Goldman joined Morgan Stanley, Bank of America, JPMorgan and other banks this week that posted estimate-topping quarterly results.

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Around the markets, bitcoin briefly hit $60,000 for the first time since April following a report the Securities and Exchange Commission is set to allow the first US bitcoin futures ETF to start trading next week.

Gold fell 1% to $1,778.97 per ounce.

Oil prices rose. West Texas Intermediate crude gained 1% at $82.11 per barrel. Brent oil, the international benchmark, picked up 1.1% to $84.94.

Bitcoin rose 3.8% to $59,513.95.

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