Saturday, 28 April 2018

Markets rise, US GDP and corporate earnings better than expected

Markets mostly rose on Friday.

The S&P 500 rose 0.1 percent, the STOXX Europe 600 rose 0.2 percent and the Nikkei 225 rose 0.7 percent.

A report on Friday showed that the US economy grew at a 2.3 percent annual rate in the first quarter, slower than in the previous quarter but faster than expected.

Corporate earnings were mostly positive, with about 80 percent of S&P 500 companies having beaten forecasts so far.

“What we can say with fair conviction today is that earnings season so far...has not served to brighten investor moods,” said James Meyer, chief investment officer at Tower Bridge Advisors.

Nevertheless, Jack de Gan, chief investment officer at Harbor Advisory Corp, said that tech stocks “continue to post extremely fast growth, and I think the story of the market being led by tech names is still intact”.

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