US equity markets hit record highs on Friday, climbing for a fourth straight session after a difficult start to the week.
The Dow Jones Industrial Average gained 235 points, or 0.68%, to finish above 35,000 for the first time.
The S&P 500 and the Nasdaq Composite, meanwhile, rose 1.02% and 1.04% respectively. The major averages ended the week with four straight days of gains after Monday’s massive selling led to the Dow Jones’ biggest drop since October.
|Me: DJI||MEDIUM DOW JONES||35061.55||+238.20||+ 0.68%|
|SP500||S&P 500||4411.79||+44.31||+ 1.01%|
|I: COMP||NASDAQ COMPOSITE INDEX||14836.991139||+152.39||+1.04%|
In stocks, Intel CEO Pat Gelsinger told the Wall Street Journal that the global chip shortage could extend until 2023. The shortage, which was the result of lockdowns aimed at slowing the spread of COVID- 19, boomed auto production and caused dislocations in the supply chain. in other sectors, notably mobile phones and consumer electronics.
In terms of profits, the Dow American Express Co. component said its revenue jumped 33% from a year ago as consumer spending surpassed pre-pandemic levels. The credit card giant freed up $ 866 million in reserves that had been built up to protect against losses during the pandemic.
|AXP||AMERICAN EXPRESS CO.||173.18||+2.28||+1.33%|
Twitter Inc. topped Wall Street estimates for revenue and revenue, with revenue increasing 74% year-over-year, the fastest since 2014. The number of Monetizable daily active users increased 11%.
|TWTR||TWITTER, INC.||71.69||+2.12||+ 3.05%|
|BREAK||SNAP, INC.||78.02||+15.03||+ 23.86%|
Shares of Snap Inc. hit an all-time high after the social media company beat profits and revenues, with the number of daily active users worldwide reaching 293 million, up nearly 5% from the previous year. previous quarter. The social media company is forecasting revenue growth of 58% to 60% in the current quarter, down from the 116% annualized growth in the previous quarter.
Big names in tech including Alphabet Inc., Amazon.com Inc., Apple Inc., Facebook Inc. and Microsoft Corp. rose ahead of next week’s earnings reports.
|GOOGL||ALPHABET, INC.||2,660.30||+91.87||+ 3.58%|
|AMZN||AMAZON.COM, INC.||3 656.64||+18.61||+ 0.51%|
|FB||FACEBOOK, INC.||369.79||+18.60||+ 5.30%|
Boeing Co., Tesla Inc, United Parcel Service Inc., Mastercard Inc. and McDonald’s Corp. are among other companies expected to report in the coming week.
|BA||THE BOEING CO.||221.47||+0.50||+ 0.23%|
|UPS||UNITED COLIS SERVICE, INC.||211.64||-1.59||-0.75%|
|MY||MASTERCARD, INC.||393.26||+11.10||+ 2.90%|
In commodities, West Texas Intermediate crude oil edged up 16 cents to $ 72.07 per barrel and gold slipped $ 3.60 to $ 1,801.80 per ounce.
Overseas markets have been mixed with strength in Europe and weakness in Asia.
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The European stock markets generally recovered with the French CAC 40 up 1.35%, the German DAX 30 up 1% and the British FTSE 100 up 0.85%.
In Asia, Hong Kong’s Hang Seng index slipped 1.45% and China’s Shanghai Composite fell 0.68%. Japan’s Nikkei 225 remained closed for the holidays.