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David Becker

 

US stocks were mostly higher on Wednesday rebounding from Tuesday decline. Most sectors in the S&P 500 were higher driven by gains in energy and materials, while real estate bucked the trend. US inflation on the wholesale level was hotter than expected in September according to the Labor Department. Goldman Sachs continued a streak of better than expected earnings from the large banks, driven by strong gains in trading.

Goldman Beats on the Top and Bottom Line

Goldman Sachs reported stellar Q3 financial results beat analysts’ profit estimates on stronger-than-expected results in bond trading and asset management. Goldman reported $3.62 billion in profit, or $9.68 a share, exceeding the $5.57 per share estimates. Revenue of $10.78 billion topped the estimate by more than $1 billion, driven by the trading and asset management divisions. The trading division generated $4.55 billion in revenue, a 29% increase from a year earlier. That gain was fueled by bond trading results of $2.5 billion, nearly half a billion dollars more than analysts expected. Equities trading revenue of $2.05 billion essentially matched expectations. The asset management division produced $2.77 billion in revenue, a 71% gain from a year earlier, and nearly $900 million more than the $1.91 billion estimate.

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US PPI Rose More than Expected

U.S. wholesale prices increased more than expected in September, leading to the first year-on-year gain since March according to the Labor Department. The PPI index rose 0.4% in September after advancing 0.3% in August. PPI increased 0.4% year over year in September after falling 0.2% in August. Expectations had been for PPI to gain 0.2% in September on both a month over month and year over year basis. Core PPI, which excludes food, energy increased by 0.4% in September. Core PPI had increased by 0.3% for three straight months. Core PPI climbed 0.7% year over year. The core PPI rose 0.3% on a year-on-year basis in August.

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