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Wall Street ends higher with boost from big tech

Published Nov 12, 2021 07:28AM ET Updated Nov 12, 2021 07:55PM ET
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2/2 © Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 8, 2021. REUTERS/Brendan McDermid 2/2
 
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By Stephen Culp

NEW YORK (Reuters) -Wall Street stocks closed higher on Friday, with market-leading growth shares kick-starting indexes' climb as investors looked past disappointing U.S. economic data.

Despite their advances, all three major U.S. stock indexes ended the session below last Friday's close, ending a five-week streak of weekly gains.

Investors favored growth over value, with megacap tech stocks, led by Apple Inc (NASDAQ:AAPL) and Microsoft Corp (NASDAQ:MSFT), doing the heavy lifting.

The University of Michigan's preliminary consumer sentiment data for November unexpectedly dropped to a 10-year low, and a Labor Department report showed job openings barely budged from record highs even as workers are quitting in record numbers.

"Markets drifted higher today despite a very weak consumer sentiment report, as inflation seems to be hurting consumers more than corporate profits," said David Carter, chief investment officer at Lenox Wealth Advisors in New York.

The souring mood of the consumer could be worrisome to retailers as the holiday shopping season draws near, and is likely to draw intensified scrutiny to upcoming retail earnings reports.

Walmart (NYSE:WMT) Inc, Target Corp (NYSE:TGT), Home Depot Inc (NYSE:HD) and Macy's Inc (NYSE:M) are among the high profile retailers expected to report next week.

"Investors will be focused on guidance from retailers to determine if inflation will crimp profit margins or if costs can be passed through," Carter added.

Retail results will herald the last days of what was a largely upbeat third-quarter earnings season. As of Friday, 459 of the companies in the S&P 500 have reported. Of those, 80% delivered consensus-beating earnings, according to Refinitiv.

The Dow Jones Industrial Average rose 179.08 points, or 0.5%, to 36,100.31. The S&P 500 gained 33.58 points, or 0.72%, at 4,682.85 and the Nasdaq Composite added 156.68 points, or 1%, at 15,860.96.

Ten of the 11 major sectors of the S&P 500 ended higher, with communications services' 1.7% advance leading gainers. Energy's 0.3% dip represented the largest percentage loss.

Shares of Johnson & Johnson (NYSE:JNJ) gained 1.2% after the healthcare giant announced splitting into two companies, dividing its consumer health care segments from its pharmaceuticals/medical devices business.

Tesla (NASDAQ:TSLA) Inc dropped 2.8% on news that Chief Executive Elon Musk has sold an additional $700 million in stock in the next chapter of a saga that began with Musk's infamous Twitter (NYSE:TWTR) poll on whether he should offload shares in the company he founded.

Rival electric automaker Rivian Automotive Inc advanced 5.7%, notching its third consecutive gain in as many days as a publicly traded company.

U.S.-listed shares of Alibaba (NYSE:BABA) Group Holding slipped 0.6% following the e-commerce giant's report showing its slowest-ever Singles Day sales.

Advancing issues outnumbered decliners on the NYSE by a 1.29-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored advancers.

The S&P 500 posted 34 new 52-week highs and one new low; the Nasdaq Composite recorded 130 new highs and 96 new lows.

Volume on U.S. exchanges was 10.32 billion shares, compared with the 10.94 billion average over the last 20 trading days.

Wall Street ends higher with boost from big tech
 

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Comments (8)
M Shiraz Khan
M Shiraz Khan Nov 14, 2021 3:02PM ET
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good
Ricardo Diogo
Rcd72 Nov 12, 2021 1:38PM ET
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what are FED purchases for? what is purpose of 120B /month purchases? why no journalist ask Mr " FED Fraud
Frank Francone
Frank Francone Nov 12, 2021 1:38PM ET
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The purpose is to pump the market. The Fed is the first market manipulator at the moment
Empire Destroyer
Empire Destroyer Nov 12, 2021 1:38PM ET
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make them, Congress and their friends richer
Ricardo Diogo
Rcd72 Nov 12, 2021 1:35PM ET
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fake market FED fraudruined economybankruptcy of future generations
Stan Smith
Stan Smith Nov 12, 2021 12:42PM ET
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"Wall Street powers higher on J&J, Big Tech boost"...and there is the headline needed as cover for more FED stock buying and turn markets green for the weekend. Yippeee everything is awesome in these economy real markets..Is this a cruel joke?
Ac Tektrader
Ac Tektrader Nov 12, 2021 12:42PM ET
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the fed is not directly involved in stock buying. it works with the big money players, corporations, banks and investment funds. stock buy backs are one outcome tie that in with the tax breaks that were created by the last Administrations multi trillion dollar tax bill and you get massive liquidity and mega bull market.
Stan Smith
Stan Smith Nov 12, 2021 12:36PM ET
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Like I said..green for the weekend despite soaring Inflation. Thanks FED. Still going to taper???l
Frank Francone
Frank Francone Nov 12, 2021 12:27PM ET
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Big FED boost. Print more pls. Next year SP will be at 7000 with inflation at 20%
Empire Destroyer
Empire Destroyer Nov 12, 2021 12:20PM ET
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Data bad, consumers worried and market goes up... sounds right
Bharat Reddy
Bharat Reddy Nov 12, 2021 9:50AM ET
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Now that's more like it
 
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