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- Solid corporate profits and a surprising uptick in retail sales fueled a surge in firms that are more likely to benefit from an economic rebound, giving stocks their best week since July. Treasuries fell.
- Even after data showed that consumer sentiment fell in early October, equities moved higher. Gains in the S&P 500 were driven by retailers, banks, and industrial shares. Goldman Sachs gained after reporting a boost in its trading division, while Charles Schwab Corp. soared after reporting record earnings. J.B. Hunt Transport Services and Alcoa, the largest aluminum manufacturer in the US, both jumped on better-than-expected results.
- Goldman Sachs CEO Solomon stated that inflation, particularly wage inflation, is still a major concern for CEOs and shareholders. Other CEOs, like Bank of America's Moynihan and Morgan Stanley's Gorman, have expressed similar concerns this week.
- Energy shortages drove more output cuts, putting pressure on manufacturers and increasing inflation fears. The world's most crucial metals continued to rise at a blistering pace. Brent oil was hovering at $85 a barrel, marking the latest milestone in a global power shortage that has seen prices rise.