S&P Reaches Near All-Time Highs - InvestingChannel

S&P Reaches Near All-Time Highs



The S&P 500 was about unchanged a day after the benchmark closed at a record.

The Dow Jones Industrials leaped 149.32 points to 35,752.40.

The S&P 500 gained 4.06 points to 4,553.84.

The NASDAQ Composite fell, however, 50.28 points to 15.165.14, after poor results from two technology companies.

Shares of Intel retreated more than 10% following a weaker-than-expected sales report. The semiconductor company blamed an industry-wide chip shortage for its revenue miss.

Social media stocks also dropped after Snap said its advertising business declined due to Apple’s privacy changes. Snap shares sunk more than 20%. Facebook and Twitter pulled back 4% and 2%, respectively.

Tesla shares extended their rally, rising 1% after hitting a new intraday high earlier in the morning. The stock closed 3% higher Thursday after posting record profit and revenue, along with strong margins.

Despite these blips in the tech sector, overall earnings season has been terrific so far, boosting the broader market back to an all-time high following a two-month lull. So far for the third quarter earnings season, 84% of companies are reporting EPS above estimates. Profits are on pace in the quarter to increase 33.7%.

Prices for 10-year Treasurys regained ground, lowering yields to 1.67% from Thursday’s 1.69%. Treasury prices and yields move in opposite directions.

Oil prices gained 46 cents to $82.96 U.S. a barrel.

Gold prices progressed $28.20 to $1,810.30 U.S. an ounce.

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