On Friday, all three key indices of Wall St. had shrugged off early weaknesses to wrap up the last day of October in a fairly upbeat tenure, as an Apollonian rally in Microsoft Corp had eclipsed declines in Amazon.com Inc alongside Apple Inc following their disappointing quarterly earnings’ reports. In point of fact, in the day’s Wall Street had opened sharply lower following US Commerce Department data that US Consumer Price Index had spurred up solidly in September, eventually building a strong case for the US Fed to raise interest rate much earlier-than-anticipated, while major drags in Amazon.com Inc and Apple Inc Q3, 2021 earnings had added to further strains. Apple Inc shed 1.81 per cent after raising an alarming bell over a likely worsening impacts of supply chain crises during the all-important holiday seasons ahead, while Amazon.com Inc fell 2.15 per cent after projecting lower-than-anticipated holiday quarter sales, however, as Microsoft Corp shares had winded up the day at a record $331.62 apiece with a market cap of $2.49 trillion, topping Apple Inc.’s $2.48 trillion, tech stocks had attained a boost in late-afternoon trading.
Wall St. ends week modestly higher
Citing statistics, in the day’s Wall Street wind-down, trade-sensitive Dow added 0.25 per cent to 35,819.56 and benchmark S&P 500 rose 0.19 per cent to 4,605.38, while tech-heavy Nasdaq gained 0.33 per cent to 15,498.39.
On the week, S&P 500 gained 1.3 per cent, Dow added 0.4 per cent and Nasdaq advanced as much as 2.7 per cent, while S&P 500 jumped 6.9 per cent in the month, marking off the benchmark’s largest monthly increase since November 2020.
Meanwhile, addressing to an utterly buoyant US capital market, a chief market strategist at Ameriprise Financial in Boston, David Joy said, “The takeaway from today is the resilience to the overall index despite 10% of market cap in two companies disappointing and yet the market is flat.
It’s the resilience of the marketplace, it suggests to me the trend is still intact. Maybe the numbers were a surprise to the analyst community but not the reasons for the disappointment so there is still a general view that this is not business lost but business postponed and the trend in the economy and in the market continues to be to the upside”.