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  3. US markets rebound sharply on Thursday

US markets rebound sharply on Thursday

26 Oct 2018 Evaluate

Regaining most of the ground lost in the previous session, the US markets staged remarkable comeback on Thursday as some encouraging economic data coupled with strong results from major companies including Microsoft and Visa boosted the market sentiments. The Commerce Department data showed that an unexpected increase in durable goods orders in the month of September. The report said durable goods orders climbed by 0.8% in September after surging up by 4.6% in August. Street had expected orders to drop by 0.9%. The unexpected increase in durable goods orders was largely due to a jump in orders for transportation equipment, which shot up by 1.9% in September after spiking by 13.2% in August. Excluding orders for transportation equipment, durable goods orders inched up by just 0.1% in September after rising by 0.3% in August. Street had expected a 0.3% increase.

A separate report from the Labor Department showed a modest rebound in initial jobless claims in the week ended October 20. The Labor Department said initial jobless claims crept up to 215,000, an increase of 5,000 from the previous week’s unrevised level of 210,000. Street had expected jobless claims to inch up to 214,000. Meanwhile, the National Association of Realtors (NAR) also released a report showing an unexpected rebound in pending home sales in September. NAR said its pending home sales index climbed by 0.5% to 104.6 in September after tumbling by 1.9% to a revised 104.1 in August. The rebound came as a surprise to street, who had been expecting pending home sales to edge down by 0.1%. A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

Dow Jones Industrial Average surged 401.13 points or 1.63 percent to 24984.55, Nasdaq gained 209.93 points or 2.95 percent to 7318.34 and S&P 500 was up by 49.47 points or 1.86 percent to 2705.57.

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