The last trading day of the week on Wall Street saw gains across the board as retail stocks rose. The major averages ended the week with gains of more than 3% as the S&P 500 finished with its best week of the year. Thoughts about what the Fed may do with interest rats next month also dominated the news. New York Fed President William Dudley said the Fed still has time to decide about a December rate rise and he hopes to see evidence of rising inflation soon. St. Louis Fed President James Bullard said the central bank will return to an era where there is more uncertainty on interest rate moves. Meantime, most companies have reported their 3rd quarter earnings and most have come in above estimates. However, compared to past years, the results are not looking very good.
Gina Martin Adams of Wells Fargo Securities wrote:
With 90 percent of companies in the S&P 500 having reported, third-quarter earnings are projected to fall 1.5 percent compared to one year ago. This would mark the first quarterly year-over-year decline since 2009, when the financial crisis hit.”
See more from CNBC’s “Trading Nation” below.
Here are the final numbers from Friday, 11/20/15 on Wall Street:
Dow Jones Industrial Average: 17, 823.81 (+91.06/ +0.51%)
NASDAQ: 5,104.92 (+31.28 / +0.62%)
S&P 500: 2,089.17 (+7.93 / +0.38%)