NEW YORK (AFP) – The Dow finished at a record Friday (Oct 22), capping a strong week for US stocks following mostly solid corporate earnings that have offset worries about inflation.
The blue-chip Dow Jones Industrial Average ended up 0.2 per cent at 35,677.02, its first record since mid-August.
But both of the other two major indices retreated, even as all three indices won gains for the week.
The tech-rich Nasdaq Composite Index dropped 0.8 per cent to 15,090.20, while the broad-based S&P 500 ended down 0.1 per cent to 4,544.90.
For the week, the S&P 500 was up 2.4 per cent.
“While just about every company is talking about supply chain pressures, you’re not seeing a lot of companies talking about how demand is falling,” said Briefing.com analyst Patrick O’Hare.
O’Hare said investors have been reassured by statements that companies have managed to pass on price increases to consumers, preserving profit margins.
Among individual companies, American Express jumped 5.4 per cent as it reported better-than-expected profits on rising consumer spending.
But Snap plunged 26.6 per cent as it cited a hit from Apple’s move to change its privacy settings that have made it more difficult to target advertising. Fellow social media companies Twitter and Facebook both lost about 5 per cent.
Digital World Acquisition Corp, a special purpose acquisition company, surged 107 per cent, its second straight blowout session following an announcement it will merge with a media startup company of former US President Donald Trump.