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S&P 500 Strikes Record High Amid Upbeat Third-Quarter Incomes

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S&P 500 Strikes Record High Amidst Upbeat Third-Quarter Incomes

< img src=" https://thumbor.forbes.com/thumbor/fit-in/1200x0/filters%3Aformat%28jpg%29/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F6171ce5662c670aabafe168e%2F0x0.jpg%3FcropX1%3D0%26cropX2%3D2623%26cropY1%3D15%26cropY2%3D1491" class=" ff-og-image-inserted "&> Topline The S&P 500 closed at a record high Thursday, a day after the Dow Jones Industrial Average briefly set a new intraday record, as the stock market rallied on the back of favorable third-quarter profits reports from corporate America.

Key Truths

The S&P 500 rose 0.3%, closing at an all-time high of 4,549 points, while the Dow was nearly flat and the Nasdaq gained 0.6% in a combined day of trading.

It was the seventh straight day of gains for the S&P 500 index, which is now up around 5% so far this month.

The market has mounted a resurgence in October as business profits have shown resistant regardless of increasing costs: Through Wednesday, some 84% of S&P 500 business that have reported profits topped quotes, according to data from Refinitiv.

Shares of electrical car maker Tesla leapt 3.3% a day after publishing record earnings and earnings, while tech company HP rose almost 7% on the back of likewise strong results.

Financiers also cheered strong employment data: Jobless claims fell to a brand-new pandemic low last week, an appealing indication for the broader economy.

< h2 class=" subhead-embed color-accent bg-base font-accent font-size text-align" > Tangent: Other stocks making big moves Thursday included WeWork, which leapt 11% in its trading debut after going public via a merger with an unique purpose acquisition company (SPAC)– more than two years after its unsuccessful IPO. The share cost of Digital World Acquisition, a SPAC that aims to combine with a media group linked to former President Donald Trump, escalated 357% on the news that Trump plans to release his own social media company.

< h2 class=" subhead-embed color-accent bg-base font-accent font-size text-align" > Vital Quote: Investors appear to have actually entered into profits season with considerably lower expectations than they had in previous quarters post-pandemic, according to a note from Bespoke Financial investment Group. “If that holds true, and profits continue to be available in strong, it’s bullish for the marketplace over the next month or so,” the company forecasts.

< h2 class=" subhead-embed color-accent bg-base font-accent font-size text-align" > Secret Background: The S&P’s new record comes a day after the Dow rose by as much as 0.6% to a brand-new intraday high prior to falling back. Both indexes have now totally recouped their losses over the previous 2 months.

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Further Reading: WeWork Shares Rise 13% After Going Public Via SPAC Merger (Forbes)

Dow Briefly Strikes New All-Time High, While S&P 500 Nears Record (Forbes)

Restaurant Profits Set To Take A Hit From Higher Labor And Food Costs (Forbes)

Released at Thu, 21 Oct 2021 20:38:10 +0000

https://www.forbes.com/sites/sergeiklebnikov/2021/10/21/sp-500-hits-record-high-amid-upbeat-third-quarter-earnings/

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