Home Business Dow Jones closed up 89.08 points, Microsoft shares support the market.

Dow Jones closed up 89.08 points, Microsoft shares support the market.

by news dir

Reporters reported that The Dow Jones Industrial Average closed slightly higher overnight (Oct 29), helped by a gain in Microsoft shares. That helped offset the fall in Amazon and Apple shares following disappointing earnings.

The Dow Jones Industrial Average closed at 35,819.56, up 89.08, or +0.25%, the S&P500 closed at 4,605.38, up 8.96, or +0.19%, and the Nasdaq closed at 15,498.39, up 50.27, or +0.33%.

In this week The Dow was up 0.4%, the S&P 500 was up 1.3% and the Nasdaq was up 2.7% for the full month of October. The Dow was up 5.8%, the S&P 500 was up 6.9% and the Nasdaq was up 7.3%.

Microsoft shares rose 2.24 percent, closing Friday at a record $331.62 and closing at a market cap of $2.49 trillion. It surpassed Apple’s $2.48 trillion.

Apple shares, meanwhile, fell 1.81% after warning that the impact of the supply chain disruption would worsen in the current quarter. Amazon shares fell 2.15 percent after forecasting sluggish fourth-quarter sales amid labor shortages.

Data from Refinitiv indicates that 279 companies in the S&P 500 index reported earnings as of Friday morning, with 82.1% reporting higher-than-expected results. The current year-on-year earnings growth rate for the third quarter was 39.2%.

As investors adjust to the ability of companies to cope with labor shortages, rising price pressures, and disruption in the supply chain including the disclosure of strong earnings causing investors to overlook volatile macroeconomic conditions As the US Federal Reserve (Fed) prepares to begin cutting bond purchases soon, the Fed will announce its policy at its next meeting on Nov. 3.

The economic data released on Friday indicated that US consumer spending rose in September. while inflationary pressures have also increased.

The US Department of Commerce said that Personal spending by U.S. consumers rose 0.6 percent in September but slowed from 1.0 percent in August, while personal income fell 1.0 percent in September.

The US Department of Commerce also revealed that The general personal consumption expenditure (PCE) price index, which includes food and energy, rose 0.3 percent in September from month to month. And year-over-year, the general PCE index rose 4.4 percent, its biggest gain since January. By 1991, the PCE index was driven by rising food and energy prices.

The core PCE index, which excludes food and energy, It is a measure of inflation that the US Federal Reserve (Fed) focuses on, up 0.2% in September month-over-month. After gaining 0.3% in August and year-over-year, the core PCE index rose 3.6 percent in September, in line with August.

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