Stocks surged over the week on better than expected earnings to kick of third quarter earnings season with the largest banks posting strong gains. The S&P 500 climbed 1.8% and the Dow jumped 1.6% for the week. Abroad, the FTSE All World Ex US was gained 2.3% for the week. The yield on the 10-year Treasury declined for the first time in eight weeks to end the week at 1.57% down from 1.60%. Oil continued to surge to finish the week at $82.28, its highest level since 2014.
The CPI rose 0.4% from August and is up 5.4% over the year, slightly higher levels than projected.
The Fed’s meeting minutes from their September meeting showed that it was prepared to begin curtailing its bond buying program in November with a potential end mid next year. They also could raise interest rates late next year.
US jobless weekly jobless claims fell below 300,000 to 293,000, its lowest level since the pandemic began.
Retail sales rose 0.7% in September, when a decline was expected.