S&P 500 closes at another record for its sixth positive day in a row; European markets close higher as investors digest Fed
The S&P 500 rose for a sixth day in a row on Thursday as investors took solace in the Federal Reserve’s patient stance on raising interest rates. Stronger-than-expected economic data also boosted sentiment.
The broad equity benchmark gained 0.4% to hit another record close of 4,680.06. The tech-heavy Nasdaq Composite rose 0.8% to an all-time closing high of 15,940.31. The Dow Jones Industrial Average dipped 33.35 points, or nearly 0.1%, from a record to 36,124.23 as Goldman Sachs and JPMorgan struggled.
Qualcomm rallied 12.7% Thursday following an earnings beat propelled by a 56% surge in smartphone chip sales. The company also provide strong guidance for the fourth quarter.
Moderna shares cratered 17.8% after the drugmaker slashed its Covid-19 vaccine revenue outlook.
Roku was under pressure, falling more than 7% after the streaming platform reported disappointing third-quarter revenue.
The pan-European Stoxx 600 added 0.4% by the close, with tech climbing 1.4% to lead gains while banks dropped 2% following the Bank of England’s latest policy announcement.
Credit Suisse beat analyst estimates for the third quarter, but took a hit from charges settling allegations of corruption in Mozambique and other legal issues.
French bank Societe Generale posted on Thursday better-than-expected third-quarter earnings on higher revenue in its corporate and investment banking business. Shares of the bank closed up 1% Thursday.
BT shares climbed more than 11% after a strong earnings report.
Source: CNBC, Investing.com