The Oklahoman

Stocks end mostly higher; S&P 500 sets new record

- Damian J. Troise and Alex Veiga

A wobbly day of trading on Wall Street left major stock indexes mostly higher Thursday, nudging the S&P 500 to an all-time high.

The benchmark index bounced back from an early slide to rise 0.3%, its seventh straight gain. The S&P 500 eclipsed the record high it set on Sept. 2 and is on pace for its third straight weekly gain.

The Nasdaq also recovered from a sluggish start, adding 0.6%. The Dow Jones Industrial Average ended barely in the red for the day, weighed down by a steep drop in IBM. The blue-chip index is just below its all-time high set on Aug. 16.

A mix of companies that rely on direct consumer spending led the gains. Tesla rose 3.3% after reporting encouragin­g third-quarter profits, despite parts shortages and shipping delays.

Technology and health care stocks also helped lift the market. U.S. crude oil prices fell 1.1% and weighed down energy stocks. Devon Energy fell 3%, and Schlumberg­er fell 1.3%.

Financial companies also fell broadly. Capital One slid 4.4% and Discover Financial Services dropped 6.1%.

The uneven finish came as investors continued to review the latest company earnings reports, with global supply chain problems and the impact from rising inflation 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 profit growth and margins.

Wall Street is also concerned that rising inflation will force more companies to raise prices on goods, which could result in lower consumer spending and a stalled economic recovery.

The S&P 500 rose 13.59 points to 4,549.78. The Dow slipped 6.26 points, or less than 0.1%, to 35,603.08. The Nasdaq gained 94.02 points to 15,215.70.

Smaller stocks edged higher. The Russell 2000 rose 6.42 points, or 0.3%, to 2,296.18.

Several carmakers and automotive products companies made gains following Tesla’s latest earnings. Ford rose 3.2% and AutoZone rose 2.2%.

IBM slumped 9.6%, the biggest decline in the S&P 500, after reporting quarterly revenue that fell shy of analysts’ forecasts.

WeWork rose 13.5% in its second attempt to become a publicly traded company. The company, which provides shared workspaces, had a spectacula­r collapse during its first attempt to do so two years ago and is emerging after the pandemic closed millions of square feet of office space.

Bond yields moved higher. The yield on the 10-year Treasury rose to 1.69% from 1.63% late Wednesday.

European markets closed lower and Asian markets ended mixed.

Outside of earnings, investors received an encouragin­g update on the labor market.

The Labor Department reported that the number of Americans applying for unemployme­nt benefits fell last week to a new low point since the pandemic erupted.

Gold for December delivery fell $3 to $1,781.90 an ounce. Silver for December delivery fell 28 cents to $24.17 an ounce, and December copper fell 18 cents to $4.56 a pound.

The dollar fell to 113.92 Japanese yen from 114.21 yen. The euro fell to $1.1624 from $1.1656.

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