The S&P 500 and the Nasdaq hit record highs on Thursday on stellar earnings reports, with investors looking past the Federal Reserve’s asset tapering plan as borrowing costs remain low.
The Dow slipped from an all-time closing high hit on Wednesday, dragged down by big banks JPMorgan Chase and Goldman Sachs Group which slipped 1.7% and 2.6% despite steepening of the yield curve.
Shares of Qualcomm jumped 11.4% after the chipmaker forecast better-than-expected profit and revenue for its current quarter.
Rival Nvidia Corp also climbed 9.9% to provide the biggest boost to the S&P 500 and Nasdaq, while the Philadelphia SE semiconductor index added 2.1%.
Electronic Arts and rival Take-Two Interactive Software gained 2.9% and 2.3%, respectively, after they boosted their 2021 adjusted sales forecasts on strong gaming boom.
Three of the 11 major S&P sectors advanced. Financials and healthcare declined more than 1%. The S&P 500 banks sub-index fell 2.2%.
Published in The Express Tribune, November 5th, 2021.
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