Wall St. ends higher as S&P 500 races to record closing high; IBM weighs on Dow

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Wall St. ends higher as S&P 500 races to record closing high; IBM weighs on Dow

On Thursday, a swathe of Wall St. stock indices had wrapped up the session in the blacks with Wall Street bellwether S&P 500 vaulting a record closing peak while extending its latest leg of blowout rally into a seventh straight session in a row, however, Dow ended a hair lower as IBM missed Q3, 2021 revenue forecast over a derisive lag in orders at its legacy infrastructure unit.

The tech-heavy Nasdaq, in tandem, boasted lofty gains with mega-cap tech conglomerates such as Tesla Inc alongside Microsoft Corp soaring after robust Q3 earnings’ report. If truth is to be spoken, in the day’s blistering rally in the Wall Street was almost entirely catapulted by a robust third-quarter earnings’ season with analysts expecting a 32.0 per cent profit growth in S&P 500-listed entities compared to the same time a year earlier, well above a 29.4 per cent forecasted earlier this month.

However, after hitting a record intra-session gain a day earlier, trade-sensitive Dow had winded up in red inks followed by a 9.6 per cent nosedive in IBM (International Business Machine), as orders at its legacy infrastructure unit had declined sharply ahead of a slated spin-off as early as by next month.

Wall St. edges higher as S&P 500 hits record closing high

Citing statistics, in the day’s Wall Street closing bell, trade-sensitive Dow edged 0.02 per cent lower to 35,603.08 and benchmark S&P 500 added 0.30 per cent to 4,549.78, while tech-heavy Nasdaq jumped 0.62 per cent to 15,215.70.

Meanwhile, addressing to a gyration towards value stocks in the day’s Wall Street, a chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina, Chris Zaccarelli said, “For the most part you're dealing with a slightly risk-off day with people going back to more defensive sectors.

You're seeing oil down a little bit today so potentially there's some global growth concerns. You're seeing some inflation concerns as well”.