Reuters Insider - Wall Street rebounds from sell-off

Philip Morris CR as

15/10/2018 08:06

Click the following link to watch video: https://share.insider.thomsonreuters.com/link?entryId=0_cg72dyj9&referenceId=tag:reuters.com,2018:newsml_OV91RI6IZ_930&pageId=ReutersNews
Source: Reuters Insider

Description: Wall Street indexes snapped a losing streak on Friday and
technology stocks came roaring back after a week of blistering losses. Fred
Katayama reports.
Short Link: https://reut.rs/2CbBLtu

Video Transcript:

Wall Street rebounded on Friday with stocks closing near the session's high.
Spearheading the broad-based comeback, technology and other growth stocks. The
S&P 500 snapped a six-session losing streak. PNC Investment CEO Rich Guerrini.


And even right now, with the downturn that we've had the past couple of days,
we're still within plus or minus 5% of all-time highs. It's normal, it's
common, and it's healthy frankly for markets to crack and as I look at the
episode that we're in right now, it is a correction.

Three big US banks kicked off earnings season, reporting double-digit
percentage profit growth, brought about by higher interest rates and increased
loans. JP Morgan fell but Wells Fargo and Citigroup finished higher. Netflix
shot up. Citigroup said the recent sell-off was overdone and recommended
buying shares of the video streaming company. Philip Morris and Altria shares
dropped. The food and drug administration reasserted its previous focus on
cutting nicotine and cigarettes. Reynolds American and Fontem Ventures shares
also fell after the FDA sought information on the marketing practices of
electronic cigarette makers. European stocks failed to rebound on Friday,
posting their worst week since last February