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US stocks expand uptrend, S & P 500 hit record high

Stock prices almost rose during Thursday’s trading day, expanding the upward trend seen in the last few sessions. The S & P 500 climbed in seven consecutive sessions, a record high.

The technology-intensive Nasdaq rose 94.02 points (0.6%) to 15,215.70 and the S & P 500 rose 13.59 points (0.3%) to 4,549.78. The Dow, on the other hand, fell well below its worst level, but fell by 6.26 points (less than a tenth percent). 35,603.08.

Wall Street’s continued strength came after a report from the Ministry of Labor showed that its first claim for US unemployment allowance fell unexpectedly in the week ending October 16.

The Ministry of Labor said the first unemployment claims fell to 290,000, down 6,000 from last week’s revised level of 296,000.

The slight decline surprised economists who were expecting unemployed claims from 293,000 to 300,000, which were first reported last week.

Due to an unexpected drop, unemployed billing has fallen to its lowest level again since it reached 256,000 in the week ending March 14, 2020.

The US Open also released a report in September showing that existing home sales far exceeded expectations.

According to the NAR, existing home sales fell 2.0% to 5.88 million in August and then increased 7.0% to 6.29 million annually in September. Economists expected existing home sales to grow 3.6% to a percentage of 6.09 million.

Existing home sales reached the highest annual rate since January, but still fell 2.3 percent compared to the same month last year.

Tesla’s (TSLA) share price rose significantly after electric car makers reported better-than-expected results in the third quarter, and bright earnings news also contributed to continued progress.

Computer and printer manufacturing HP Inc. (HPQ) also provided bright guidance for 2022 and made strong profits after raising dividends.

Meanwhile, tech giants plummeted 9.6% after a plunge in IBM Corp.’s share price weighed on the Dow and reported lower-than-expected third-quarter earnings.

Sector news

Steel stocks fell sharply on the day, with the NYSE Arca Steel Index rising 2.7%.

Energy stocks, which fell sharply with crude oil prices, also showed significant weaknesses. Crude oil delivered in December fell from $ 0.92 a barrel to $ 82.50.

Reflecting the weakness of the energy sector, the Philadelphia Oil Services Index plunged 2.5%, the NYSE Arca Natural Gas Index fell 2%, and the NYSE Arca Oil Index fell 1.7%.

Meanwhile, computer hardware inventories rose significantly over the course of the session, with the NYSE Arca Computer Hardware Index rising 1.3%.

The Dow Jones Industrial Average has also shown considerable power in retail stocks, reflecting a 1.3% rise in the US retail index.

Other markets

In overseas transactions, stocks market During the trading on Thursday, various performances were seen throughout the Asia Pacific region. Japan’s Nikkei 225 Index fell 1.9%, while China’s Shanghai Composite Index rose 0.2%.

Meanwhile, all major European markets have moved down that day. The UK’s FTSE 100 index fell 0.5%, while the French CAC 40 index and the German DAX index both fell 0.3%.

In the bond market, government bonds were under pressure after finishing the previous session almost flat. As a result, yields on benchmark 10-year bonds, which move in the opposite direction of price, rose 4 basis points to 1.676%.

Future outlook

Trading on Friday may be affected by the reaction to the latest earnings news. Intel (INTC), Matel (MAT), Snap (SNAP) and Whirlpool (WHR) have announced quarterly financial results after today’s closing.

American Express (AXP) and Honeywell (HON) will also report quarterly results before opening on Friday.

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US stocks expand uptrend, S & P 500 hit record high

Source link US stocks expand uptrend, S & P 500 hit record high

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