NEW YORK, Oct 19 — Stock indexes around the world jumped yesterday as US technology shares extended recent gains and earnings reports were upbeat, while the 10-year US Treasury yield rose to its highest in more than four months.
On Wall Street, the technology sector boosted the S&P 500 the most, while recent stronger-than-expected results have bumped up the forecast for S&P 500 earnings for the third quarter. “The key for the market to going up from here will not be higher multiples, it will have to be higher earnings. That’s why it’s so important to pay attention to what those profit margins do going forward and what the trajectory of GDP looks like,” said Eric Marshall, portfolio manager at Hodges Funds.
The Dow Jones Industrial Average rose 198.7 points, or 0.56 per cent, to 35,457.31, the S&P 500 gained 33.17 points, or 0.74 per cent, to 4,519.63 and the Nasdaq Composite added 107.28 points, or 0.71 per cent, to 15,129.09.
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