Closing Bell: Stocks Surge, Banks Boom & Game On! 10/17/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 17 October 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks staging a big rally following strong earnings and additional policy reversals by the UK government. Medley Global Advisors' Ben Emons explains why he thinks this rally is nothing more than a bear market bounce. Laffer Tengler CEO Nancy Tengler details her shopping list of stocks she thinks look too cheap to pass up. Bank stocks booming after a big earnings beat from Bank of America. Wells Fargo's Mike Mayo explains why he thinks this stock can double. William Blair's Jed Dorsheimer discusses why he is turning bullish on beaten down chip stocks. And Sensor Tower's Anthony Bartolacci discusses Roblox's bullish user growth last month and whether the stock looks cheap following a 60% plunge this year. He also weighs in on Netflix ahead of the streaming giant's earnings tomorrow. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Solid bank earnings and a calmer situation in the UK helping send markets sharply higher to start the week.
0:07.0	Nasdaq leaving the charge, look at that up 3.4%.
0:10.0	This is the make or break hour for your money.
0:12.0	Welcome everyone to Closing Bell, I'm Sarah Eisen. This is the make or break hour for your money.
0:12.6	Welcome everyone to Closing Bell.
0:13.8	I'm Sarah Eis and here's where we stand right now
0:16.4	in the markets higher across the board.
0:17.6	We're near the session highs.
0:18.6	High of the day after the Dow is up 677.
0:21.0	We're up about 555 or so but it's a broad rally the
0:24.4	S&P 500 up 2.6 percent every sector is higher right now the leaders are the
0:29.6	places that have been hit the hardest during the spare market communication
0:32.4	services technology communicate that have been hit the hardest during the spare market. Communication services, technology,
0:34.2	consumer discretionary is actually the leader up 4%.
0:37.7	That is quite a rally right now.
0:39.6	But again, everything's working.
0:41.2	Consumer staples and energy, the least best, but they're each up more than 1% apiece.
0:46.6	Coming up on the show today, market expert David Rosenberg weighs in on the Sharp Monday
0:50.8	rally tells us if he thinks it's just a bare market bounce which I suspect
0:54.7	he does.
0:55.7	Let's get straight though to this market rally with the junior market commentator Mike Santoli.
1:00.8	Mike it's pretty broad although I would note that treasuries are not moving a whole lot.
	...

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