S&P Just Notched a Record

Stocks wobbled in afternoon trading on Wall Street Thursday, but the benchmark S&P 500 inched up to close at a record high, reports CNBC. The index rose 13 points to 4,549, boosted by strong earnings from Tesla and other companies. It's the S&P's seventh straight day of gains, putting the index up about 5% in October. The Dow, meanwhile, slipped 6 points to 35,603 and the Nasdaq rose 94 points to 15,215. Elsewhere, US crude oil prices fell 1.1% and weighed down energy stocks, per the AP. Devon Energy fell 3.4% and Schlumberger fell 1.8%. Financial companies also fell broadly. Capital One slid 4.1% and Discover Financial Services dropped 6.2%.

WeWork rose 6.7% in its second attempt to become a publicly traded company. 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. Generally, investors are reviewing the latest earnings reports with supply chain problems and the impact from rising inflation as a key focus. 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.

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