Earnings Season Begins

Yesterday, the market snapped its four-day winning streak, but stocks are up again today. Energy is particularly strong while the rest of the market is mixed. We got some of the first earnings reports this morning. The banks are usually first. Goldman Sachs crushed expectations ($9.68 vs $5.57) while Wells Fargo and Bank of America both missed expectations.

Richard Clarida, the vice-chair of the Fed, told the Institute of International Finance, “That said, the Covid-19 recession threw the economy into a very deep hole, and it will take some time, perhaps another year, for the level of GDP to fully recover to its previous 2019 peak…It will likely take even longer than that for the unemployment rate to return to a level consistent with our maximum-employment mandate.”

Posted by on October 14th, 2020 at 11:26 am


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