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Wall Street Ends At Record Levels For The Week, European Stocks Mixed Despite Strong October

London, Friday, 29 October –

Wall Street major indices close at record highs on Friday recording the best month since November 2020, as investors remained upbeat on strong earnings reports.

S&P 500: +0.02% ending at record close of 4,605

Dow Jones: +0.25% or 89 points, marking an all-high performance, closing at 35,819.56

Nasdaq: +0.33 closing at record 15,498.39

Amazon (-2%) and Apple (-1.8%) reported quarterly results at lower-than-expected levels, while healthcare stocks supported by the rise in vaccine stocks following the FDA’s approval of the Pfizer-Biontech Covid-19 vaccine for children aged 5 to 11.

DXCM, CERN, and ABBV led the upside with the latter recording a more than 3% rise after the FDA approved its Vuity eye drops, used to treat age-related farsightedness

Facebook jumped 2% following its rebranding announcement

Meanwhile, Starbucks was down 6% following its Q3 revenue missed analyst estimates.

Energy sector was the biggest decliners, after Chevron and Exxon Mobil despair gains, despite beating quarterly earnings estimates in the middle of oil prices surge.

European Stocks Closed mixed despite a strong October

The last trading day of October, found the European markets closing mixed amid a 13-year high inflation increase. Despite the inflationary highs, all indices posted strong gains in October.

STOXX 600: remained flat adding just 0.35 points or 0.07% closing to 475.51

FTSE 100, London: -0.16% or 12 points, closing at 7,237

DAX 30, Germany: -0.05% or 7 points, closing at 15,688

FTSE MIB 30, Italy: -0.05% or 14 points to end at 26,875

CAC 40, France: +0.38% or 26 – best performer for the second consecutive day closing at 6,830

IBEX 35, Spain: +0.35% or 32 points, closing at 9,057

October performance

STOXX 600: +5.26%

FTSE 100, London: +2.13%

DAX 40, Germany: +4.3%

FTSE MIB 30, Italy: +6.2%

CAC 40, France: +6.37%

IBEX 35, Spain: +4.2%

Annual inflation is expected to reach 4.1% in October, a significant increase from 3.4% in September, according to Eurostat’s data on Friday. The data beat the expectation of 3.7%, recording the highest level since July 2008.

(Written and edited by: The Decision Maker)


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