This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: S&P 500 Edges Higher to Record
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Markets > S&P 500 Edges Higher to Record
Markets

S&P 500 Edges Higher to Record

Editorial Board Published October 21, 2021
Share
S&P 500 Edges Higher to Record
SHARE

The S&P 500 inched higher to a record close Thursday, continuing a weekslong upward march driven by strong corporate earnings and optimistic numbers on the labor market.

Thursday’s close of 4549.78, up 13.59 points, or 0.3%, eclipsed a September peak in the index, which had stumbled last month on worries about Chinese growth and stubbornly stuck supply chains. Thursday marked seven straight days of gains for the index, and its 55th record close of the year. The tech-focused Nasdaq Composite Index rose 94.02 points, or 0.6%, to 15215.70.

The Dow Jones Industrial Average ticked down 6.26 points, or 0.02%, to 35603.08. Shares of International Business Machines, a Dow component, fell $13.57, or 9.6%, to $128.33. The company reported weaker revenue than analysts had expected in the latest quarter.

“The craziest thing about what I see going on in markets is just an absolute tug of war between growth and value investments,” said Jeff Powell, managing partner and chief investment officer at Polaris Wealth Advisory Group. “I’ve not seen a market like this in a really long time.”

Stocks have risen in recent days, after solid earnings helped quell concerns that sent markets lower at the start of fall. Among those worries: a slowdown in China’s economy, supply-chain blockages that have hampered sectors such as manufacturing, and inflation pressures.

Data showed jobless claims fell to a new pandemic low last week, a sign layoffs remain rare. Filings for initial unemployment benefits fell to 290,000 from 296,000 the week before, the Labor Department said. Meanwhile, existing-home sales rebounded in September, rising 7% from the prior month.

The shared-office company WeWork started trading publicly Thursday, two years after its planned initial public offering imploded. The company went public through a combination with BowX Acquisition Corp., a special-purpose acquisition company. Shares rose $1.40, or 13%, to $11.78.

Third-quarter earnings are being closely watched by investors. They could provide a clearer picture of the pandemic recovery than the previous couple of quarters did.

“Coming out of the depressed period of Covid and turning everything back on you had this amazing year-over-year comparison that was really easy to accomplish,” said Kevin Philip, managing director at Bel Air Investment Advisors. “Now the question for a lot of people is “What’s next?’…Will the earnings after this big jump sustain themselves?”

Earnings reports will offer clues about consumer spending habits. “I would not bet against the American consumer,” Mr. Philip said. “It’s been a terrible bet.”

AT&T shares fell $0.15, or 0.6%, to $25.76 after the company said it expected full-year earnings to reach the high end of its target. Blackstone shares gained $3.83, or 3%, to $132.52 on net income that almost doubled in the third quarter.

Of the 80 companies on the S&P 500 to have reported through Wednesday, 81% had topped analysts’ earnings forecasts, according to FactSet, better than the roughly 75% that did so each quarter in 2019.

“We’ve gone through a period of hesitation that’s brought a bit of volatility but I think stocks will keep trending higher,” said Paul Jackson, head of asset allocation research at Invesco. He expects households to keep spending savings accumulated during the pandemic. 

HP raised its dividend and outlook for the 2022 fiscal year, and shares jumped $1.98, or 6.9%, to $30.57. Tesla added $28.20, or 3.3%, to $894 after the auto maker said late Wednesday it had notched a third-straight record quarterly profit. 

Overseas markets were broadly lower. Shares of China Evergrande Group slumped 13% in Hong Kong after the embattled developer canceled plans to sell a majority stake in its property-management unit, a setback in attempts to ease its continuing cash crisis.

Hong Kong’s Hang Seng Index fell 0.5%, Japan’s Nikkei 225 lost 1.9% and China’s Shanghai Composite Index ticked up 0.2%.

The pan-continental Stoxx Europe 600 fell 0.1%, weighed down by stocks in the basic-resources, auto and industrial sectors. Miners Anglo American and BHP Group were both down, and copper prices pulled back from recent highs.

In the bond market, the yield on benchmark 10-year Treasury note edged up to 1.674%. Bond yields and prices move in opposite directions.

Brent crude, the international oil benchmark, lost $1.21 per barrel, or 1.4%, to $84.61. It was still the fourth highest settle value of this year.

The Turkish lira fell. Turkey’s central bank lowered its key interest rate to 16% from 18%, a larger cut than investors expected.

AT&T shares fell slightly after the company reported earnings.

Photo: David Paul Morris/Bloomberg News

Write to Joe Wallace at [email protected] and Hardika Singh at [email protected]

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

TAGGED:MarketsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Marco Cervetta – The development and logistical importance in e-commerce Marco Cervetta – The development and logistical importance in e-commerce
Next Article Cathy Lanier’s voice conspicuously absent from sex-harassment scandal Cathy Lanier’s voice conspicuously absent from sex-harassment scandal

Editor's Pick

California dwelling of lacking child’s mother and father searched; father has served time for youngster cruelty

California dwelling of lacking child’s mother and father searched; father has served time for youngster cruelty

San Bernardino County sheriff’s investigators on Sunday, Aug. 17, searched the house of the mother and father of the infant…

By Editorial Board 9 Min Read
Search continues for lacking Norwegian trekker in Manitoba, however with out assist from northern Ontario crew
Search continues for lacking Norwegian trekker in Manitoba, however with out assist from northern Ontario crew

Whereas RCMP say they've their eyes on the fast-moving Hayes River, a…

6 Min Read
Steak ‘n Shake slams Cracker Barrel CEO for eliminating ‘old-timer’ from emblem: ‘We take delight in our historical past’
Steak ‘n Shake slams Cracker Barrel CEO for eliminating ‘old-timer’ from emblem: ‘We take delight in our historical past’

FOX Enterprise’ Jeff Flock experiences on Cracker Barrel unveiling a brand new…

4 Min Read

Oponion

9 Scents That Entice Girls – Discover a Signature Odor In 2024 | Fashion

9 Scents That Entice Girls – Discover a Signature Odor In 2024 | Fashion

We independently consider all advisable services. Any services or products…

December 22, 2024

49ers’ Brock Purdy appears to be like to stay excellent towards Seahakws, Geno Smith

SANTA CLARA – Brock Purdy, with…

November 14, 2024

Disney Reports Slowing Disney+ Subscriber Growth

Walt Disney Co. ’s streaming honeymoon…

November 10, 2021

Nancy Pelosi’s Jan. 6 witch hunt

OPINION: The third impeachment witch hunt…

December 24, 2021

UK economic system stays fragile – and there are dangers and traps lurking across the nook | Cash Information

Month-to-month Gross Home Product (GDP) figures…

July 11, 2025

You Might Also Like

Trump’s 401(ok) enlargement fuels ethereum growth
Markets

Trump’s 401(ok) enlargement fuels ethereum growth

FOX Enterprise' Gerri Willis has the main points on the funding technique on 'Varney & Co.' Practically $4 billion of…

4 Min Read
Steak ‘n Shake slams Cracker Barrel CEO for eliminating ‘old-timer’ from emblem: ‘We take delight in our historical past’
Markets

Cracker Barrel inventory plunges amid model makeover backlash

FOX Enterprise’ Jeff Flock reviews on Cracker Barrel unveiling a brand new brand as a part of a broader model…

3 Min Read
Intel will get  billion from Softbank as White Home mulls stake
Markets

Intel will get $2 billion from Softbank as White Home mulls stake

Former Chrysler and Dwelling Depot CEO Bob Nardelli praises President Donald Trump’s daring financial play because the White Home eyes…

5 Min Read
Intel will get  billion from Softbank as White Home mulls stake
Markets

White Home mulls 10% stake in Intel after CEO assembly

Former Chrysler and Dwelling Depot CEO Bob Nardelli praises President Donald Trump’s daring financial play because the White Home eyes…

4 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?