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Wall Street rallies led by banks

Thursday, October 15, 2015 - 01:12

Stocks made solid gains on Thursday on gains in financials and health care. First Data fell in its first day of trading. Bobbi Rebell reports.

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Stocks bounced back from a two-day decline. Financial leds the way higher after Citigroup's positive report. Vespula Capital CEO Jeff Tomasulo: (SOUNDBITE) JEFF TOMASULO, CEO, VESPULA CAPITAL (ENGLISH) SAYING: "Once you get a few days of oversoldness, you get people looking for opportunity, and they push the market up." The market got mixed support from economic data. Consumer prices dropped again in September. But applications for jobless benefits fell last week. Financial stocks rose despite a poor report card from Goldman Sachs. Revenue fell in every business except investment banking. Healthcare stocks also among the day's winners, but not UnitedHealth and HCA. Insurer UnitedHealth's flat profit beat expectations. Hospital operator HCA forecast falling fourth quarter profit that fell shy of analysts' targets. Seagate Technology shares dropped after the storage maker forecast disappointing revenue. Netflix shares plummeted a day after the videostreaming service reported adding fewer subscribers than it had hoped for. And First Data made its debut on the NYSE, but closed below its offering price of $16. In Europe, a rally in tech and telecom stocks put an end to a three-day losing streak.

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Wall Street rallies led by banks

Thursday, October 15, 2015 - 01:12