The New York stock market ended strongly higher on Friday, as hopes for a change in policy from the US central bank (Fed) offset weak results in the technology sector, AFP reported.
- The Dow Jones index rose 828.52 points, or 2.59%, to 32,861.8 points.
- The S&P 500 rose 93.76 points, or 2.46%, to 3,901.06.
- The Nasdaq Composite added 309.78 points, or 2.87 percent, to 11,102.45.
Among the S&P 500’s 11 major sectors, all but consumer staples, weighted by Amazon shares, finished the session in the red. Shares in the technology sector received the largest percentage gain.
Analysts had expected the S&P 500’s earnings to rise 4.1 percent in the third quarter, compared with 2.5 percent, according to Refinitiv data.
“We’ve seen some big misses from some big names,” Detrick said. “But deep down, many small and medium-sized companies have been pretty impressive with their earnings,” Reuters reported.
On the economic front, the Commerce and Labor departments released data that showed higher consumer spending and slower wage growth, respectively.
Financial markets have now pegged an 84.5% chance of a fifth straight 75 basis point interest rate hike after the Fed’s policy meeting ends on Nov. 1-2 and a 51.4% chance that the central bank will slow to 50 basis points in December, according to with data. to the CME FedWatch tool.
Shares of Twitter were suspended on Friday by the New York Stock Exchange NYSE, which said the takeover of the platform was “completed” after more than seven months of a saga full of ups and downs, AFP reported.
Bluebird shares remained at $53.70, not far from Elon Musk’s proposed price of $54.20.
Elon Musk, CEO of Tesla and SpaceX, took control of Twitter on Thursday after completing the acquisition of the social network for $44 billion, according to several articles in the US specialized media, according to AFP.
After months of turmoil, the world’s richest man immediately fired CEO Parag Agrawal and two other executives, CFO Ned Segal and Chief Legal Officer Vijay Gadde, according to anonymous sources in the Washington Post.
“The bird is free,” he tweeted Thursday after the deal was completed.
Source: Hot News RO
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