Azzad MarketWeek
Stocks rose last week thanks to a full slate of upbeat third-quarter corporate results and mild inflation data, which helped soften concerns over trade tensions with China.
The Standard & Poor’s 500 Index gained 1.92 percent, while the Nasdaq Composite Index rose 2.31 percent. The Dow Jones Industrial Average advanced 2.20 percent.
S&P, Dow Set New Highs on Friday
Stocks rose out of the gate as optimism returned to markets. Strength in the tech sector—and whispers of an imminent end to the government shutdown—pushed all three market averages higher.
But the strong start turned mixed as some pressure on megacap tech stocks pulled down the Nasdaq. But while tech stocks regrouped, attention shifted to the Dow Industrials, which hit a record intraday high of 47,000 and a record close.
Sentiment soured midweek as weaker-than-expected earnings results from two megacap tech companies dragged down technology names. Markets came under further pressure following news that the administration was considering restrictions on U.S.-made software exported to China. The S&P, Dow, and Nasdaq all closed lower on Wednesday.
But the mood brightened Thursday as more megacap tech companies announced strong Q3 results, and as the White House confirmed a scheduled meeting with China.
News on Friday that inflation rose more slowly than expected boosted all three averages. The S&P 500 and Dow Industrials hit all-time intraday and closing highs.
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