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The Labor Department reported that the number of Americans applying for unemployment benefits fell last week to a new low point since the pandemic erupted. The Dow Jones Industrial Average (.DJI) rose 242.68 points, or 0.69, to 35,455.8, the S&P 500 (.SPX) gained 39.37 points, or 0.88, to 4,509.37.
#All time high s&p 500 update
Outside of earnings, investors received an encouraging update on the labor market.
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The yield on the 10-year Treasury rose to 1.69% from 1.63% late Wednesday.Įuropean markets closed lower and Asian markets ended mixed. 8, has merged with Trump Media & Technology Group, which plans to launch a social media app and streaming video service.īond yields moved higher. Shares in a special-purpose acquisition company, or SPAC, that is planning on taking a new media company launched by former President Donald Trump public soared after news of the venture broke late Wednesday. While 3,580.84 is the record closing high for the S&P 500, its all-time high is 3,588.11, which it hit intraday on Sept. The company, which provides shared workspaces, had a spectacular collapse during its first attempt to do so two years ago and is emerging after the pandemic closed millions of square feet of office space. WeWork rose 13.5% in its second attempt to become a publicly traded company. IBM slumped 9.6%, the biggest decline in the S&P 500, after reporting quarterly revenue that fell shy of analysts' forecasts. Several carmakers and automotive products companies made gains following Tesla's latest earnings. The Nasdaq gained 94.02 points to 15,215.70. Rita Coolidge - All Time High (The Theme Song From Octopussy)Label: A&M Records 1983Arranged, Conductor, Producer: John BarryLyrics: Tim RiceWritten: J. Wall Street is also concerned that rising inflation will force more companies to raise prices on goods, which could result in lower consumer spending and a stalled economic recovery. "Investors were willing to rotate rather than retreat while they waited for better news to take bigger and longer-term positions," he said. Many companies have warned that the supply chain issues and overall higher costs will hurt operations and Wall Street is trying to gauge just how much it will sting corporate profit growth and margins.Ĭompanies seem to be managing those higher costs and encouraging investors who had been uncertain in a very choppy market for weeks, said Sam Stovall, chief investment strategist at CFRA. The uneven finish came as investors continued to review the latest company earnings reports, with global supply chain problems and the impact from rising inflation a key focus. Capital One slid 4.4% and Discover Financial Services dropped 6.1%.