Wall Street ends higher with boost from big tech

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NEW YORK (Businesshala) – Wall Street shares closed higher on Friday, with market-leading growth stocks kick-starting the climb of the index as investors watched disappointing US economic data.

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US November 8, 2021. Businesshala/Brendan McDermid

Despite their advances, all three major US stock indexes ended last Friday’s closed session, ending a five-week streak of weekly advances.

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Investors backed growth over value, with megacap tech stocks led by Microsoft Corp and Apple Inc.

Preliminary consumer sentiment data from the University of Michigan for November unexpectedly dropped to a 10-year low, and a report from the Department of Labor showed job openings barely budge from record highs, even Number of workers are leaving.

“Markets are bullish today despite very weak consumer sentiment reports, as inflation is hurting consumers more than corporate profits,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.

As the holiday shopping season draws to a close, a sour consumer mood could be worrying for retailers, and the upcoming retail earnings report is likely to be under intense scrutiny.

Walmart Inc., Target Corp., Home Depot Inc. and Macy’s Inc. are among the high-profile retailers reporting next week.

“Investors will be focused on guidance from retailers to determine whether inflation will reduce profit margins or whether the cost can be passed on,” Carter said.

Retail results will begin the final days of what was largely an upbeat third-quarter earnings season. As of Friday, 459 companies out of the S&P 500 have reported. According to Refinitiv, 80% of them earned from Consensus.

According to preliminary data, the S&P 500 closed 33.54 points, or 0.72%, higher at 4,682.81, while the Nasdaq Composite rose 156.30 points, or 1.00%, to 15,860.58. The Dow Jones Industrial Average rose 177.53 points, or 0.49%, to 36,098.76.

Shares of Johnson & Johnson received after it announced the split into two companies, splitting its consumer healthcare sectors from its pharmaceuticals/medical devices business.

Tesla Inc. dropped the news that Chief Executive Elon Musk had sold an additional $700 million in stock in the next chapter of a saga that began with Musk’s infamous Twitter poll on whether he should have a stake in the company he founded. Shares should be taken off.

Rival electric automaker Rivian Automotive Inc posted a publicly traded company’s third consecutive profit in as many days.

US-listed shares of Alibaba Group Holding slipped after the e-commerce giant’s report showed its slowest Singles Day sales.

Reporting by Stephen Culp; Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Richard Chang. editing by

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