(MENAFN- Baystreet.ca) Six in a Row for S&P
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The S&P 500 rose for a sixth day in a row on Thursday as investors took solace in the Federal Reserve's patient stance on raising interest rates. Stronger-than-expected economic data also boosted sentiment.
The Dow Jones Industrial Average fell 33.35 points from Wednesday's all-time record to 36,124.23, as Goldman Sachs and JPMorgan struggled.
The S&P 500 gained 19.49 points to add to Wednesday's all-time high at 4,680.06.
The S&P 500 is up 1.6% for the week, pushing its year-to-date return up to 24.6% as the benchmark enters a seasonally strong part of the year for markets.
The NASDAQ Composite grabbed 128.72 points to 15,940.31, also topping the previous record.
Qualcomm rallied nearly 13% Thursday following an earnings beat propelled by a 56% surge in smartphone chip sales. The company also provided strong guidance for the fourth quarter.
Moderna shares cratered almost 18% after the drugmaker slashed its COVID-19 vaccine revenue outlook.
Roku was under pressure, falling more than 7% after the streaming platform reported disappointing third-quarter revenue.
The central bank said it will begin to slow its bond-buying program later this month, signaling that the economy can now handle an unwinding of pandemic stimulus. Investors had long anticipated the move and liked that the Fed did not signal it would be any more aggressive than necessary in raising interest rates once the bond tapering was finished next year.
On the data front, U.S. jobless claims totaled 269,000 for the week ended Oct. 30, the lowest pandemic-era total and better than the 275,000 expected by economists polled by Dow Jones.
October's hotly anticipated jobs report will be released on Friday. Consensus estimates call for 450,000 jobs added, according to Dow Jones. Non-farm payrolls increased by 194,000 in September, far short of the 500,000 estimate.
Prices for 10-year Treasurys jumped sharply, lowering yields to 1.52% from Wednesday's 1.61%. Treasury prices and yields move in opposite directions.
Oil prices floundered $1.76 to $79.10 U.S. a barrel.
Gold prices prospered $30.90 to $1,794.80 U.S. an ounce.
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