S&P 500 Hits Record High Amid Upbeat Third-Quarter Earnings

Top line
The S&P 500 closed at a record high on Thursday, a day after the Dow Jones Industrial Average temporarily set a new daily record.

So far, the strong third-quarter gains outweighed ongoing investor concerns about rising inflation. … [+] And the ultimate potential of government incentives.

Important facts
The S&P 500 rose 0.3% to close at a record high of 4,549 points. Meanwhile, the Dow was almost flat, with the Nasdaq up 0.6 percent on a mixed trading day.

The S&P 500 is up for the seventh day in a row, up about 5% this month.

As of Wednesday, 84% of S&P 500 companies exceeded expectations and the market increased in October, according to Refinitiv.

Electric car maker Tesla’s share price was up 3.3% on a daily basis after posting record gains and gains. Meanwhile, technology company HP grew nearly 7% due to that good performance.

Investors also supported stable employment data. Jobless claims fell to a new low in the pandemic last week. This is a promising sign for the broader economy.

In other stocks, which took big strides on Thursday, WeWork was up 11 percent from its trading debut, more than two years after a failed IPO after they were publicly traded as part of a merger with special acquisitions firm (SPAC). Shares of Digital World Acquisition SPAC, which is seeking a merger with former President Donald Trump and associated media groups, rose 357 percent after it emerged that Trump was planning to start his own social media company. ..

important quote:
According to a statement from Bespoke Investment Group, investors started the earnings season with much lower expectations than the previous quarter after the pandemic. “If it does, and profits remain high, the market will spiral out of control for about the next month,” the company predicts.

Main background:
The S&P’s new record fell a day after the Dow rose 0.6% to its daily high. Both indexes have fully made up for their losses in the last two months.

WeWork shares are up 13% after the IPO due to the merger of SPAC and Forbes.

Dow temporarily hits record high as S&P 500 nears record high (Forbes)

Restaurant profits hurt by high labor and food costs (Forbes)