Dow, S&P 500, Nasdaq end at records, extending rally

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NEW YORK (AFP) – Wall Street stocks finished a buoyant October with a flourish on Friday (Oct 29) as major indices reached all-time highs despite disappointing results from Amazon and Apple.

All three major indices ended at records, with the benchmark Dow Jones Industrial Average up 0.3 per cent at 35,819.56.

The broad-based S&P 500 gained 0.2 per cent to reach 4,605.38, while the tech-rich Nasdaq Composite Index added 0.3 per cent to close at 15,498.39.

Stocks began the day in lackluster fashion after both Apple and Amazon cited supply chain travails that dented results.

Markets were also pressured by Commerce Department data showing inflation rising 4.4 per cent in September compared to the same month in 2020, its biggest jump since January 1991.

But stocks strengthened as the session progressed, in part due to better results from other companies amid an earnings season that has generally topped expectations.

These included ExxonMobil, which won 0.3 percent, and Chevron, which climbed 1.2 per cent after both oil giants rebounded with strong profits after reporting losses in the year-ago period.

Starbucks tumbled 6.3 per cent as the company’s sales were hit by a slowdown in China caused by the latest wave of Covid-19 infections. Some analysts also cited worries about increased costs tied to employee wages.