Stocks ends lower; September payroll way lower than estimate dragging the market down

Stocks gained this session, extending their strong weeklong gains, with better-than-expected earnings and economic data helping to lift the S&P 500 for the third day in a row.
 
WAN CHAI, Hong Kong - Nov. 16, 2021 - PRLog -- The blue-chip index ended the week with a gain of around 1.8 percent, its largest weekly gain since July. Consumer spending held up better than predicted in September, despite recent price hikes and lingering virus-related effects, according to a new study from the Commerce Department.

During the pre-market session, shares of large bank companies such as Bank of America, Citigroup, and Morgan Stanley rose. The equities had risen the day before after major banks reported third-quarter earnings that were far better than expected. Before the opening bell on Friday morning, Goldman Sachs (GS) revealed considerably stronger-than-expected earnings, propelling its stock sharply higher.

Investors' concerns about a sudden drop in corporate profits have been eased by this week's early batch of stronger-than-expected quarterly results, even as expenses climb for corporations across industries in the face of higher material and labor costs.

The market wrapped at:
  • NASDAQ Composite Index gained by 0.50% or 73.91 points and wrapped at 14,897.34.
  • The S&P 500 Index went up by 0.75% or 33.11 points closing at 4,471.37.
  • The Dow Jones Industrial Average moved higher with 1.09% or 382.20-point gain, to end at 35,294.76.
  • U.S. 5 Year Treasury yield gained 0.075 basis points and now at 1.127.
  • U.S. 10 Year Treasury yield went up by 0.060 basis points closing 1.574.
  • U.S. 30 Year Treasury yield stepped up by 0.029 basis points at 2.046.
Metal pulled back while oil continues to rise:
  • Gold moved down by $28.50 or 1.59% and is now at $1,767.475 per ounce.
  • Silver decreased by $0.2088 or 0.89% to $23.3085 an ounce.
  • Western Texas Intermediate Crude is currently at $82.28 a barrel gaining 0.97%.
  • Brent Crude closed at $84.86 per barrel after increasing by 0.86%.
International currencies ended mixed, but mostly up:
  • Euro / USD = +0.00019 (0.02%) = 1.16000
  • USD / Yen = +0.565 (0.50%) = 114.200
  • GBP / USD = +0.0077 (0.56%) = 1.3749
  • AUD / USD = +0.0067 (0.09%) = 0.74210
  • USD / CAD = -0.00006 (0.00%) = 1.23660
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