By Caroline Valetkevitch
NEW YORK, Oct 15 (Reuters) – US stocks closed higher on Friday after Goldman Sachs posted strong quarterly results and the three major Wall Street indices ended the week higher.
* Goldman Sachs Group shares rose and gave the Dow Jones its biggest boost as a record wave of mergers and acquisitions boosted the bank’s quarterly earnings.
* Other large lenders also rose, and the sector was the most bullish on the S&P 500.
* This week’s results from large financial institutions have provided a good start to the US third-quarter earnings reporting season, but investors will continue to look for signs of impact from supply chain disruptions and rising prices. the costs.
* Forecasts are that the earnings of S&P 500 companies will grow 32% in the third quarter compared to a year ago.
* “We are beginning to enter a profit-driven rally that I hope will last. We will really see the results in the next two weeks, when a large number of companies from all sectors present their reports,” said Peter Tuz, President of Chase Investment Counsel.
* According to preliminary data, the S&P 500 gained 33.35 points, or 0.75%, to 4,471.61 units, while the Nasdaq advanced 73.55 points, or 0.50%, to 14,896.98. The Dow Jones Industrial Average rose 384.83 points, or 1.10%, to 35,297.39 points.
* The US Department of Commerce reported a surprising increase in retail sales in September, but investors remain concerned that supply constraints could disrupt the holiday shopping season.
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