U.S. stocks close mixed, Nasdaq hits new high
Oct 26, 2024
New York [US], October 26: U.S. stocks ended mixed on Friday, following a few days of tumultuous trading as investors geared up for a week filled with important economic data and earnings announcements.
The Dow Jones Industrial Average fell by 259.96 points, or 0.61 percent, to 42,114.4. The S&P 500 sank 1.74 points, or 0.03 percent, to 5,808.12. The Nasdaq Composite Index increased by 103.12 points, or 0.56 percent, to 18,518.61. The Nasdaq climbed to an all-time high, boosted by megacap tech stocks.
Seven of the 11 primary S&P 500 sectors ended in red, with utilities and financials leading the laggards by dropping 1.46 percent and 1.05 percent, respectively. Meanwhile, communication services and technology led the gainers by going up 0.71 percent and 0.59 percent, respectively.
The University of Michigan's latest consumer survey indicated that sentiment has risen for the third consecutive month in October, reaching its highest point since April.
This positive trend in consumer confidence comes as investors prepare for crucial reports next week concerning inflation, GDP growth, and the monthly jobs data.
Following several active days of earnings releases from significant companies, Friday's calendar was relatively light. Deckers, the maker of UGG and Hoka footwear, saw its shares climb 10.53 percent after posting better-than-expected quarterly results and raising its outlook.
Also on Friday, Centene's shares rose by 4.22 percent following strong earnings, while Colgate-Palmolive experienced a decline of 4.14 percent after releasing its results.
A deadly E. coli outbreak linked to McDonald's dragged down the fast-food chain's stock to its worst week in more than four years. Shares tumbled 7.6 percent over the week, marking its biggest loss in a week since March 2020.
"As we enter the final countdown, markets are positioned unusually into the election. Investors look to have protected themselves using puts rather than by degrossing," said Alex King, investing group leader of Cestrian Capital Research.
Source: Xinhua
