Wall Street Shares Up On Goldman Sachs Lead, Dow Posts Big Gains
- By The Financial District
- Oct 16, 2021
- 2 min read
US stocks rose on Friday (Saturday, Oct. 16, 2021, in Manila) and the Dow scored its biggest weekly percentage gain since June, as Goldman Sachs rounded out a week of strong quarterly earnings for the big banks, Caroline Valetkevitch reported for Reuters.

Photo Insert: Wall Street by night
Goldman Sachs Group shares jumped 3.8% and gave the Dow its biggest boost, as a record wave of dealmaking activity drove a surge in the bank's quarterly profit. Goldman's report followed strong results from Bank of America and others this week. Banks were among the biggest positives for the S&P 500 on the day, and the index's bank index climbed 2.1%.
Results from big financial institutions provided a strong start to third-quarter U.S. earnings, though investors will still watch in coming weeks for signs of impacts from supply chain disruptions and higher costs, especially for energy.
Forecasts now call for third-quarter S&P 500 earnings to show a 32% rise from a year ago. The latest forecast, based on results from 41 S&P 500 companies and estimates for the rest, is up from 29.4% at the start of October, according to IBES data from Refinitiv.
"We're starting to get into an earnings-driven rally here that I hope lasts. We'll really see the results in the next couple of weeks as a great bulk of companies in all sectors report," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
Alcoa Corp shares surged 15.2% after the aluminum producer reported stronger-than-expected results, announced a $500 million buyback program, and initiated a quarterly cash dividend.
The Dow Jones Industrial Average rose 382.2 points, or 1.09%, to 35,294.76, the S&P 500 gained 33.11 points, or 0.75%, to 4,471.37 and the Nasdaq Composite added 73.91 points, or 0.5%, to 14,897.34.