Economic Upswing: Stock Markets Experience Tailwind and Positive Surprises

  • U.S. stock markets continue their upward trend with positive economic data.
  • Bank of America and Target surprise with strong results.

Eulerpool News·

On Thursday, U.S. stock futures continued their upward trend, building on the best day for the S&P 500 since the presidential election in November. Investors are optimistic that easing inflation and a solid domestic economy will continue to drive stock prices into the new year. Bank of America surprised positively as it benefited from a fourth-quarter upswing in investment banking, exceeding expectations with earnings of 82 cents per share. Investment banking revenue rose an impressive 44% to $1.7 billion. CEO Brian Moynihan highlighted that all of the company's revenue streams increased and above-average growth in deposits and loans was recorded. Target also saw gains after the retailer reported impressive sales figures for the holiday quarter that surpassed Wall Street expectations. Same-store sales rose 1.5% compared to the 0.2% forecasted by analysts. CEO Brian Cornell praised his team’s outstanding performance during the holiday season, which led to increased customer traffic and favorable business results. The S&P 500 gained 1.83% on Wednesday in a dynamic session, the Dow Jones rose by more than 700 points, supported by declines in core inflation and better-than-expected quarterly results from major U.S. banks. The decline in benchmark yields and hopes for further interest rate cuts by the Federal Reserve further supported the rally. Looking at upcoming market developments, S&P 500 futures are indicating an increase of 22 points. The Dow is also up by 100 points, while the Nasdaq could gain 110 points, supported by gains in Nvidia and other chip makers. Europe’s markets are following the positive trend. The Stoxx 600 in Frankfurt reached its five-week high, while London’s FTSE 100 also gained. Asian markets also rose, led by an increase in the MSCI ex-Japan.
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