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S&P 500 Ends Just Shy of Closing Record as Bullish Stock Bets Continue

Stock MarketsOct 20, 2021 04:03PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 closed just shy of record highs Wednesday as utilities and health care picked up the slacked after tech took a breather from its recent melt-up.  

The S&P 500 closed up 0.37% to 4,536.37 just shy of 4,536.95 and the Dow Jones Industrial Average added 0.43%, or 152 points. The Nasdaq Composite fell 0.05%.

Utilities were up more than 1%, led by United Rentals (NYSE:URI), Jacobs Engineering (NYSE:J) and Caterpillar (NYSE:CAT).

Health care was pushed by positive quarterly results, with Anthem (NYSE:ANTM) rallying more than 7% after delivering third-quarter results that topped Wall Street estimates.

Anthem reported Q3 adjusted earnings per share of $6.79 on revenue of $35.82 billion, compared with analysts' estimates for EPS of $6.37 on revenue of $35.35 billion.

Cigna (NYSE:CI) and Centene (NYSE:CNC) were the other leaders in health care.

Elsewhere on the earnings front, United Airlines (NASDAQ:UAL) reported better-than-expected adjusted quarterly results, underpinned by an ongoing recovery in international and business travel. Its shares were flat.

In tech, meanwhile, Netflix (NASDAQ:NFLX) fell more 2% after Deutsche Bank (DE:DBKGn) downgraded the stock following the streaming giant's third-quarter results released late-Tuesday,

Deutsche bank downgraded Netflix to hold from buy, on expectations that a "4Q subscriber beat is already more than priced into the stock."

PayPal (NASDAQ:PYPL) has reportedly explored a bid for Pinterest (NYSE:PINS) that valued the social media company at about $39 billion, Bloomberg News reported Wednesday. Pinterest jumped 13%, while PayPal fell 5%.

Energy lagged the broader move higher, even as oil prices were boosted by data showing an unexpected fall in weekly U.S. crude stockpiles.

U.S. crude stocks fell by 431,000 barrels for the week ended Oct.17, confounding expectations for a 1.9 million barrel increase.

In others news, Bitcoin eclipsed its prior all-time high of $64,778, as optimism over the outlook on the crypto has been boosted by the launch of the first futures-based bitcion ETF on Tuesday.

Shares of Coinbase (NASDAQ:COIN) Global, Riot Blockchain (NASDAQ:RIOT), and Marathon Digital (NASDAQ:MARA) were higher. 

S&P 500 Ends Just Shy of Closing Record as Bullish Stock Bets Continue
 

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Comments (5)
indiacharts Rohit Srivastava
indiacharts Rohit Srivastava Oct 20, 2021 9:59PM ET
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If sentiment is not all out bullish then there is still more upside
Ronald Warren
Ronald Warren Oct 20, 2021 9:23PM ET
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Nothing has happened in the last week to justify a $1,500 increase in the Dow.
Michael Angelo
Michael Angelo Oct 20, 2021 9:06PM ET
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There's a plan... follow it.
Ronald Warren
Ronald Warren Oct 20, 2021 9:06PM ET
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Please enlighten me.
David Bud
David Bud Oct 20, 2021 8:57PM ET
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Biggest scam in American history. This farce of a market is propped up on hot air and nothing else. It won't end well.
New Jazenevd
New Jazenevd Oct 20, 2021 5:07PM ET
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New market record highs tomorrow and more coming later. Oil price goes to triple digits. Copper takes $5. Inflation.
 
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