Bank Earnings Propel Wall Street To Record Peaks, Oil Plunges Below $70, Gold Shines At All-Time Highs: This Week In The Market

Wall Street powered ahead this week as stronger-than-expected bank earnings and upbeat guidance pushed the S&P 500 and Dow Jones Industrial Average to record highs.

The September retail sales report positively surprised expectations, while a notable drop in weekly jobless claims reinforced the perception that the U.S. economy remains strong.

This momentum has led some economists to reconsider their expectations for the Federal Reserve's next move, with growing doubts about the likelihood of further interest rate cuts as the economy races at full throttle.

The recent upswing in Treasury yields brought a twist to the housing market, sending mortgage rates soaring and hammering mortgage demand. Homebuyers pulled back sharply, with mortgage applications recording the sharpest ...