On Tuesday, the Dow rose 1.1% and the Nasdaq composite advanced 0.9%.
Despite the strong headline numbers, “underlying details were rather mixed” and results from banks showed “the impact of economic activity slowdown,” Tan Boon Heng of Mizuho Bank said in a report.
The profit reports temporarily offset investor worries that repeated interest rate hikes by U.S., European and Asian central banks to control inflation that is at multi-decade highs might tip the global economy into recession.
That concern has helped to drag U.S. stocks into a bear market, or a decline of more than 20% by the S&P 500 from its January high.
In early trading, the FTSE in London edged 0.1% lower to 6,828.30 after British inflation surged to a 40-year high of 10.1% in September. That increases the likelihood the Bank of England will raise interest rates further and faster.
The DAX in Frankfurt edged less than 0.1% higher, to 12,774.20, while the CAC 40 in Paris climbed 0.4% to 6,091.57.
In Asian trading, the Shanghai Composite Index lost 1.2% to 3,044.38 while the Nikkei 225 in Tokyo gained 0.4% to 27,257.38. The Hang Seng in Hong Kong shed 2.4% to 16,511.28.
The Kospi in Seoul declined 0.6% to 2,237.44 and Sydney’s S&P-ASX 200 advanced 0.3% to 6,800.10.
India’s Sensex added 0.2% to 59,093.99. New Zealand and Jakarta advanced while Singapore and Bangkok declined.
In energy markets, benchmark U.S. crude gained 84 cents to $82.91 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oil trading, picked up 62 cents to $90.65 per barrel in London.
The dollar rose to 149.46 yen from Tuesday’s 149.21 yen. The euro declined to 98.14 cents from 98.50 cents.
Read More:Global markets mixed after Wall St bounce on strong profits
2022-10-19 09:57:57