Wall Street Cruises Toward Close Of Its Best Week In A Year
Date
11/11/2024 4:40:31 AM
(MENAFN- The Peninsula)
AP
New York: US Stocks are coasting to the close of their best week in a year with some modest moves on Friday.
The S&P 500 was 0.4% higher in afternoon trading and on track for its biggest weekly gain since early November 2023.
The relatively quiet trading follows big gains and more records for indexes earlier in the week after Donald trump won the presidential election and the federal Reserve cut interest rates again to make things easier for the economy.
Axon Enterprise, which sells Tasers and body cameras used by Police officers, helped lead the market.
It jumped 25.9% after delivering stronger profit for the latest quarter than analysts expected.
It also raised its revenue forecast for the full year to $2.07bn, which would mean 32% growth.
Expedia Group rose 6.1% after likewise topping profit expectations. It said booked room nights rose 9% from a year earlier.
Helping to keep the market in check was Airbnb, which sank 8% after the online vacation rental platform posted a mixed third-quarter earnings report and issued forecasts for the fourth quarter that disappointed investors.
Digital pinboard and shopping site Pinterest slid 17.4% after the company's revenue guidance came in lower than investors expected, even as it easily beat Wall Street's sales and profit targets.
In the bond market, longer-term Treasury yields eased.
A preliminary report in the morning suggested sentiment among U.S. consumers rose for a fourth straight month to its highest level in six months.
The survey from the University of Michigan, which was conducted before Tuesday's election, also said expectations for inflation in the coming year eased to the lowest level since 2020.
The yield on the 10-year Treasury fell to 4.30% from 4.33% late Thursday. But it's still well above where it was in mid-September, when it was close to 3.60%.
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