S&P Ends At Record As Earnings Extend Stocks Rally

The broad-based S&P 500 climbed 0.3 percent to 4,550, its first record close since early September as Tesla, American Airlines and Union Pacific all climbed following earnings.

The tech-rich Nasdaq Composite Index advanced 0.6 percent to 15,216, while the Dow Jones Industrial Average was flat at 35,603.

Equities have been rallying over the last week following a run of good earnings reports that have offset worries about higher US inflation causing a shift to more restrictive monetary policy.

New unemployment claims fell by 6,000 to 290,000, seasonally adjusted, in the week ended October 16, the lowest level since March 14, 2020, when it was 256,000. That was just before the spread of Covid-19 sent them surging into the millions amid mass layoffs, the Labor Department reported.

Among individual names, Tesla jumped 3.3 percent after reporting that third-quarter profits more than quadrupled on sharply higher sales despite supply chain problems that continue to challenge automakers.

WeWork surged 13.5 percent in a buoyant debut on the Nasdaq two years after a previous attempt by the office-sharing company to go public disintegrated in spectacular fashion.

But IBM dove 9.6 percent after reporting lower-than-expected sales as the tech giant cited slowing spending by some clients. (AFP)