S&P 500 rises to a new record, boosted by strong earnings from Tesla and others; European markets close marginally lower as investors track China property woes, earnings
The S&P 500 touched a new record on Thursday, joining the Dow Jones Industrial Average in wiping out a two-month swoon amid strong profits and year-end optimism.
The Dow fell 135 points, or 0.3%. The S&P 500 was flat and the Nasdaq Composite rose 0.4%.
Tesla shares gained 3% after the electric-car maker posted record earnings and revenue in the third quarter that beat expectations.
American Airlines added 1.6% after it posted a profit due to federal aid for the third quarter.
IBM shares lost more than 8% following a revenue miss in the third quarter. Its top two business segments — global services and the Cloud & Cognitive Software business — fell short of estimates. Meanwhile, HP jumped 7% on strong earnings and raised guidance for 2022.
Jobless claims fell to a new pandemic low of 290,000 last week, the Labor Department reported Thursday. That’s down from the previous week by 6,000 and lower than the 300,000 estimated by economists surveyed by Dow Jones.
European stocks retreated slightly on Thursday as concerns about the Chinese property sector returned to the fore, while investors also monitored a slew of corporate earnings.
The pan-European Stoxx 600 closed just below the flatline, with miners shedding 3% to lead losses on the back of the Chinese property worries.
Barclays reported better-than-expected third-quarter profits on Thursday, following its Wall Street rivals in receiving a significant boost from its investment banking division. Shares slipped 0.6% by the close.
French semiconductor materials company Soitec was the biggest climber on the Stoxx 600, adding 8% after raising its full-year outlook on the back of increased activity levels and a robust operating performance.
At the bottom of the European blue chip index, French electrical wholesaler Rexel dropped 9% after missing third-quarter sales expectations.
Source: CNBC, Investing.com