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Earnings season gives the S&P 500 its highest daily gain since March
The earnings season was highlighted by several members of the S&P 500 reported earnings this who beat Wall Street expectations.
By Rony Abboud
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- S&P Dow Jones
- Large Cap
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S&P 500 gained +1.71% on Thursday, its third highest daily gain this year after March 1st (+2.38%) and March 5th (+1.95%), bolstered by better-than-expected earnings. The gains were led by Materials (+2.43%), Information Technology (+2.28%) and Industrials (1.89%) sectors.
The earnings season was highlighted by several members of the S&P 500 reported earnings this who beat Wall Street expectations. Walgreens Boots Alliance was the top performer in S&P 500, rallying 7.4% after the drugstore chain beat earnings expectations. Bank of America, Morgan Stanley and Citigroup saw their shares rise 4.5%, 2.5% and 0.8% respectively, after beating earnings expectations. Wells Fargo shares declined 1.6% despite an earning beat.
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In the ETF space, SPDR S&P 500 ETF (SPY) and iShares Core S&P 500 ETF (IYY) gained +1.68% and 1.71% respectively. SPDR Select Sector Materials ETF (XLB), Technology Select Sector SPDR ETF (XLK) and Industrial Select Sector SPDR Fund ETF (XLI), which track Thursday's best performing sectors rose by more than 2% each, while the SPDR Financial Select Sector Fund ETF (XLF), which holds the banks involved in yesterday's earnings gained +1.67%.
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