Benchmark S&P Has Best Month of the Year

All 3 major indexes close at record highs on Friday
By John Johnson,  Newser Staff
Posted Oct 29, 2021 3:07 PM CDT
Benchmark S&P Has Best Month of the Year
Trader Ashley Lara works on the floor of the New York Stock Exchange Oct. 19, 2021.   (AP Photo/Richard Drew)

Stock indexes ended the week with gains to close out a strong month. The Dow rose 89 points to 35,819, the S&P 500 rose 8 points to 4,605, and the Nasdaq rose 50 points to 14,498. All three closes were record highs, and the S&P and Nasdaq had their best months since November 2020, reports CNBC. Investors, meanwhile, continued to focus on corporate earnings as they look for clues for how companies are managing persistent supply chain disruptions and rising inflation, per the AP. A wide range of companies have warned that they are facing higher costs and will have trouble meeting a surge in demand for products.

Apple fell 2.4% a day after the iPhone maker reported that its fiscal fourth-quarter revenue fell short of forecasts because supply shortages are making it difficult to meet demand. Internet retail behemoth Amazon shed 2.8% after higher costs and supply chain problems crimped its third-quarter financial results and its revenue forecast. The warnings from Apple and Amazon raise concerns that the economic recovery faces a bumpier road ahead through the holiday shopping season as people pay more for products and wait longer to receive everything. The latest data from the Commerce Department shows that consumer spending grew just 0.6% in September, a cautionary sign for an economy that remains in the grip of a pandemic and a prolonged bout of high inflation.

(More stock market stories.)

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