NEW YORK (awp international) – Wall Street rose and hit highs in early trading on Friday. Conversely, disappointing outlooks from some popular tech companies have slowed the Nasdaq indices.
The Dow Jones Industrial rose to a record high of 35,765 points and was most recently listed 0.28 percent higher at 35,701.09 points. This indicates a weekly gain of around 1.2 percent for the US benchmark index. Since its interim low on October 13, the stock market barometer has already increased by around 4 percent.
The market-wide S&P 500 also posted a record high and recently gained 0.07 percent to 4552.74 meters. The technology-heavy Nasdaq 100, however, fell 0.34 percent to 15,436.56 points.
The quarterly reports from Intel and Snap, which were published the previous evening, dampened the good mood for technology stocks. Intel is being held back by the global shortage of components. Although the group was able to post increases in sales and profits in the past quarter, it scared investors away with the announcement that the business would initially be less profitable in view of the high investments in new plants. The shares fell as the clear bottom in the Dow by almost eleven percent.
Snap papers fared even worse, plummeting by more than 22 percent. The operator of the photo app Snapchat has been hit hard in its advertising business by Apple’s measures for more privacy on the iPhone. Supply chain problems also had a negative impact because customers invested less in marketing. Jefferies analyst Brent Thill reckons that these difficulties will weigh on Snap’s revenues for at least another two to three quarters.
A number of other companies opened their books on Friday, including oil field service provider Schlumberger, conglomerate Honeywell, household appliance maker Whirlpool, and American Express (Amex). The credit card company generated more sales than expected in the past quarter and was able to increase its profit significantly thanks to higher spending by its customers. The Amex stocks were the front-runners in the Dow with a price gain of 4.9 percent.
Tesla’s shares continued their rally the previous day, rising 1.4 percent to a record high of $ 910. The day before, the electric car manufacturer had shone with impressive business figures. “Tesla achieved records in the third quarter in terms of production, deliveries, sales and also in terms of earnings,” praised analyst Frank Schwope from Landesbank NordLB./edh/he
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