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S&P 500 (SPY) Gains Ground As Rebound Continues

Florala Chen

Oct 19, 2022 16:33

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S&P 500 rose more than 1% on widespread rebound

After touching the 3760 resistance level, the S&P 500 lost pace and drew back toward the 3720 level. Stocks nonetheless managed to post respectable gains for the day.


Stocks received significant support from the Industrial Production data, which showed that Industrial Production climbed by 0.4% month over month in September. But it seems that the stock market's primary driver today was the continuance of the technical bounce.


One of today's largest gainers was the cruise industry. Today's gains ranged from 7 to 11% for Royal Caribbean Cruises, Norwegian Cruise Line Holdings, and Carnival Corporation.


After exceeding analyst earnings expectations and expanding stock repurchases, Lockheed Martin saw an 8% increase. Salesforce increased by more than 4% after Starboard Value's purchase of a stake in the business.


Interestingly, despite the significant sell-off in the oil markets, top energy equities like Exxon Mobil and Chevron did not decline.


From a wide perspective, the recovery was significant, and all market sectors rose. Traders kept looking for discounts and purchasing undervalued stocks.


Following the release of its earnings report, Netflix shares climbed near $275 in the after-market session. The firm posted profits of $3.19 per share and sales of $7.48 billion, both of which were higher than analysts' estimates. Regarding the fourth-quarter forecast, Netflix said that the persistently high dollar posed a substantial obstacle. Netflix anticipates reporting revenue of $7.8 billion for the last quarter of current year.


The shares of United Airlines rose to $40 in the after-market session after the airline's earnings topped analysts' expectations. The business said that despite the difficulties of the recession, robust COVID recovery patterns will continue. Previously, traders were concerned that consumer spending would be harmed by recession worries, but it seems that demand for air travel is still high.

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