US stocks rise as strong corporate earnings outweigh inflation concerns
- US stocks climbed as strong corporate earnings outweighed inflation concerns.
- The Dow hit an intraday record while the S&P 500 closed higher for the sixth straight session.
Bitcoinhit a new high, while oil and gold rallied.
US stocks notched new highs on Wednesday as strong strong corporate earnings outweighed inflation and supply chain concerns.
The benchmark S&P 500 closed higher for the sixth straight session, buoyed by stronger than expected third-quarter earnings reports. The
A majority of companies that have reported earnings have beat analyst expectations so far. "Indeed, the selloff from September feels like an increasingly distant memory now," Deutsche Bank analysts said.
Here's where US indexes stood at the 4:00 p.m. ET close on Wednesday:
- S&P 500: 4,536.19, up 0.37%
- Dow Jones Industrial Average: 35,609.34, up 0.43% (152.03 points)
- Nasdaq Composite: 15,121.68, down 0.05%
Equities have been boosted by strong earnings reports, defying more muted expectations due to ongoing supply chain disruptions that have pushed prices of goods higher and the persistent labor shortages that have slowed the economic rebound.
"We believe that the
"The improvement in market technicals, such as clearing the 50-day moving average, is actually suggesting that underlying trends are getting stronger," head of research Tom Lee said.
The yield on the benchmark 10-year Treasury note rose to 1.648% - a level last seen in May - compared to Tuesday's 1.634%. Yields rise when bond prices fall.
If the bitcoin manages to see consecutive daily closes above former resistance at $65,000, Fairlead Strategies' Katie Stockton believes it will hit $89,800, representing potential upside of 38% from the breakout.
Ahead, asset management firm VanEck looks set next week to launch an ETF tied to bitcoin futures after October 23 on the Cboe BZX Exchange, according to a company filing Wednesday with the Securities and Exchange Commission.
Gold jumped as much as 0.88%, to $1,784.69 per ounce.
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