Dow closes 800 points higher on Friday, registers fourth straight week of gains – CNBC - News Ravel Rack

Breaking

Monday, October 31, 2022

Dow closes 800 points higher on Friday, registers fourth straight week of gains – CNBC

Pro Picks: Watch all of Friday's big stock calls on CNBC

Stocks rose on Friday despite a tumble in Amazon shares after economic data pointed to slowing inflation and a steady consumer.

The Dow Jones Industrial Average closed 828.52 points, or about 2.6%, higher at 32,861.80. The S&P 500 added nearly 2.5%, to close at 3,901.06. The Nasdaq Composite ended up about 2.9%, to close at 11,102.45.

On a weekly basis, the major indexes made notable gains. It was the fourth positive week in a row for the Dow, a first since a five-week streak ending in November 2021. The 30-stock index is up 5.7% this week in its best performance since May. It’s also on track for its best month since January 1976.

The S&P 500 and the Nasdaq are up 3.9% and 2.2%, respectively, for the week.

The stock market has fractured this week as investors dumped technology shares following weak results and outlooks from Microsoft, Alphabet and Meta and rotated into economically sensitive stocks that will benefit if the U.S. economy can skirt a recession.

At the same time, investors have found hope in data that came out over the course of the week indicating inflation may be easing, increasing optimism that the Federal Reserve could break from its trend of 75 basis point rate hikes after the November meeting.

“Inflation data really wasn’t that bad. The earnings have been not great, but not awful,” said Megan Horneman, chief investment officer at Verdence. “When you have that middle of the road, that helps equity markets.”

Amazon plunged by 6.8% after the company posted weaker-than-expected quarterly revenue and issued disappointing fourth-quarter sales guidance Thursday. Apple shares ended Friday up 7.5%. The tech giant reported weaker-than-anticipated iPhone revenue on Thursday, but beat Wall Street estimates for quarterly earnings and revenue.

Apple and other more positive performers, like Intel, have given investors footholds within what some see as a particularly tumultuous tech sector, subsequently providing upward pressure to the tech-heavy Nasdaq, said Jay Hatfield, CEO of Infrastructure Capital Management. He said the market was also boosted by oil giants Chevron and Exxon Mobil, up about 1.2% and 2.9%, respectively, after both reported beating expectations before the bell.

“Apple’s really the lone star, if you will, of the mega-cap tech stocks,” Hatfield said. “It’s just a unique market where bad is terrible, but OK is good, so, on a relative basis, it’s spectacular.”

The market got a boost after the core personal consumption expenditures price index in September increased 0.5% from the previous month and 5.1% from a year ago, still high but mostly in-line with expectations. This is the preferred gauge of inflation for the Federal Reserve. Personal spending rose 0.6%, more than expected, the data showed.

Lea la cobertura del mercado de hoy en español aquí.

Techyrack Website stock market day trading and youtube monetization and adsense Approval

Adsense Arbitrage website traffic Get Adsense Approval Google Adsense Earnings Traffic Arbitrage YouTube Monetization YouTube Monetization, Watchtime and Subscribers Ready Monetized Autoblog



from Stock Market News – My Blog https://ift.tt/SHyAlog
via IFTTT

No comments:

Post a Comment