Wall St. climbs on Goldman’s strong earnings, retail sales figures; over 200 pt

Goldman Sachs gained 1.5% as a record wave of dealmaking activity boosted the bank’s quarterly profit.

Other large lenders, including JPMorgan, Morgan Stanley and Wells Fargo, rose between 0.6% and 2.9%. Tracking growth in the 10-year Treasury yield, the banking index rose 0.8%.

Ten of the 11 major S&P sectors advanced in early trade, with economy-sensitive energy, financials and industries growing the most.

Strong results from large financial institutions have diverted attention from concerns about rising commodity prices and supply chain disruptions, which fueled market volatility earlier this month.

A report from the Commerce Department shows retail sales rose unexpectedly in September, but there are fears that supply shortages could disrupt the holiday shopping season amid continued shortages of motor vehicles and other goods.

“Everyone knows these supply chain issues are going to be a little bit longer, but when you consider how strong earnings are, there’s good reason to be optimistic that the economy will continue to pick up momentum,” said senior Edward Moya. he said. Market Analyst at OANDA.

At 09:42 am, the Dow Jones Industrial Average was up 199.48 points, or 0.57%, at 35,112.04, the S&P 500 was up 18.53 points, or 0.42%, at 4,456.79, and the Nasdaq Composite was up 35.82 points, or 0.24. %, at 14,859.25.

Meanwhile, the White House announced it would lift travel restrictions for fully vaccinated foreign nationals, effective November 8, across land borders and for air travel.

The S&P 1500 Airlines index jumped 1.5%, while cruise operator Carnival Corp, Royal Caribbean and Norwegian Cruise Line Holdings rose between 1.9% and 2.1%.

This week’s move in rate-sensitive growth names like Microsoft Corp, Amazon.com Inc, Apple Inc and Google-parent Alphabet continued with their shares rising.

Moderna Inc. rose 1.2% after a US FDA panel voted to recommend booster shots of its COVID-19 vaccine for Americans age 65 and older and those at high risk.

Western Digital slipped 1.6% as Goldman Sachs moved the storage hardware maker’s stock from “buy” to “neutral.”

Shares of cryptocurrency and blockchain-related firms Coinbase Global, China-based SOS, Microstrategy Inc., Marathon Digital and Riot Blockchain added between 3.7% and 7.8% as bitcoin reached $60,000 for the first time since April.

Advancing issues followed by a 2.85-to-1 ratio on the NYSE and a 1.91-to-1 ratio on the Nasdaq.

The S&P index recorded 43 new 52-week highs and no new lows, while the Nasdaq recorded 92 new highs and eight new lows. (Reporting by Devik Jain in Bengaluru and Federica Urso in Gdansk; Editing by Anil D’Silva and Arun Koyur)