Weekly Financial Market Update - October 25, 2019
October 28, 2019
Trade deal progress and positive earnings results helped the S&P 500 post its third consecutive week of gains to close within 0.1% of its all-time closing high. Both the Nasdaq composite and Dow Jones Industrial Average also benefited from better-than-expected earnings, with returns this week of 1.9% and 0.7%, respectively.
According to Bloomberg data, of the 201 S&P 500 companies that reported results before Friday’s opening bell, roughly 82% have exceeded analysts’ earnings estimates. Bloomberg data indicate that blended year-over-year earnings growth of companies that already reported and estimated results for companies yet to report is -2.8%. This is slightly better than analysts’ consensus estimate of -3.6% in the first week of October.
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