Dow posts record closing high, stocks gain for 3rd week; dollar dips

Dow posts record closing high, stocks gain for 3rd week; dollar dips

On the day, MSCI’s broadest gauge of global shares was flat, and the S&P 500 and Nasdaq ended lower.







Reuters









October 23, 2021 / 07:20 AM IST





The Dow Jones industrial average registered a record closing high on Friday and major equity indexes posted a third straight week of gains while the U.S. dollar slipped.

On the day, MSCI’s broadest gauge of global shares was flat, and the S&P 500 and Nasdaq ended lower.

Stocks came under pressure after Federal Reserve Chair Jerome Powell said the U.S. central bank was ”on track” to begin reducing its purchases of assets.

Intel’s stock fell 11.7% and was among the biggest drags on the S&P 500. Late Thursday, Intel reported sales that missed expectations and pointed to shortages of chips holding back sales of its flagship processors.

American Express Co’s stock gained, boosting the Dow after the company beat profit estimates for the fourth straight quarter.

Next week brings reports from several key mega-cap names including Amazon.

The dollar pared losses after Powell’s comments, but the dollar index was last down 0.10% at 93.64, and is off from a one-year high of 94.56 last week.

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