Economy

US indices rally as S&P 500 posts biggest gain since March

Dow Jones adds more than 500 points,; Nasdaq records largest daily jump since late May

Övünç Kutlu   | 15.10.2021
US indices rally as S&P 500 posts biggest gain since March

ANKARA

US stocks rallied Thursday to close on a high note as corporate earnings boosted investors' confidence in economic recovery from the coronavirus pandemic. 

The S&P 500 soared 74 points, or 1.71%, to close at 4,438 -- its biggest percentage gain since March 5.

The tech-heavy Nasdaq jumped 251 points to end at 14,823, posting a 1.73% increase -- its single largest gain since May 20.

The Dow Jones added 534 points, or 1.56%, to 34,912. The blue-chip index had its best single-day since July 20.

The rally came after US banks posted strong earnings in the third quarter that provided a positive sentiment for investors.

Bank of America’s stock price gained 4.52% after announcing its net income rose to $7.7 billion in the July-September period, up 57% from $4.9 billion during the same period last year.

Among tech stocks, AMC Entertainment and Coinbase Global each added more than 5%. Apple, Microsoft and Google's parent firm, Alphabet, saw shares gain more than 2% apiece.

Bullish sentiment pushed down the VIX volatility index, as the fear index plummeted 9.5% to 16.86.

The dollar index declined 0.1% to 93.97, while the yield on 10-year US Treasury notes fell 2.47% to 1.511%.

Oil prices were on the rise again with international benchmark Brent crude trading at $84.23 with a 1.26% gain and US benchmark West Texas Intermediate was at $81.50 -- a 1.3% increase.

Precious metals continued to increase with gold adding 0.16% to $1,795 per ounce and silver increasing 1.9% to $23.54.




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