Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Wall Street ends higher with boost from big tech

Published 11/12/2021, 07:28 AM
Updated 11/12/2021, 07:55 PM
© 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

© 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

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.

© 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

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.

Latest comments

good
what are FED purchases for? what is purpose of 120B /month purchases? why no journalist ask Mr " FED Fraud
The purpose is to pump the market. The Fed is the first market manipulator at the moment
make them, Congress and their friends richer
fake market FED fraudruined economybankruptcy of future generations
"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?
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.
Like I said..green for the weekend despite soaring Inflation. Thanks FED. Still going to taper???l
Big FED boost. Print more pls. Next year SP will be at 7000 with inflation at 20%
Data bad, consumers worried and market goes up... sounds right
Now that's more like it
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.