S&P Rises to Record Close

The S&P 500 touched a new record on Thursday, joining the Dow Jones Industrial Average in wiping out a two-month swoon amid strong profits and year-end optimism.

The 30-stock index retreated 6.26 points to 35,603.08, dragged down by a 9.5% loss in IBM.

The S&P 500 regained 13.59 points to 4,549.79,

The NASDAQ Composite gained 94.02 points to 15,215.70.

Tesla did a lot of the heavy lifting for the S&P 500, jumping 3% following strong earnings from the electric vehicle maker. The S&P 500 has mounted a comeback this month as booming profit reports trumped worries about inflation and a potential end to Federal Reserve bond buying. The S&P 500 is now up 1.75% for the week and 5% on the month.

HP Inc. jumped 6.9% on strong earnings and raised guidance for 2022.

Other big tech stocks also helped lift the market. Nvidia and Netflix shares soared.

Outside of … Read more

More Upward Room for Dow, S&P

The Dow Jones Industrial Average jumped to a record on Wednesday as investor sentiment was boosted by better-than-expected earnings reports and a new record for bitcoin.

The 30-stock index headed higher 152.03 points to 35,609.34.

The S&P 500 heightened 16.56 points to 4,536.19,

The NASDAQ Composite went against the tide, though, and lost 7.41 points to 15,121.68.

Netflix posted its hotly-anticipated third-quarter earnings report on Tuesday after the market closed, with the streaming giant adding 4.4 million subscribers during the period. Wall Street analysts expected 3.84 million additions. However, the shares, which are up 20% in the last three months, were down more than 2%.

Deutsche Bank downgraded Netflix after the report, saying its stock valuation was hard to justify with revenue growth set to slow next year. The firm also said strong fourth quarter subscriber additions are already baked into the stock.

United Airlines also posted quarterly results after … Read more

More Records for TSX Tuesday

The sky appeared to be the limit for stocks in Toronto Tuesday, stocks which climbed to new record levels, guided by cannabis and tech issues.

The TSX Composite triumphed 101.62 points to 21,086.99.

The Canadian dollar picked up 0.06 cents to 80.87 cents U.S.

Cannabis stocks ruled the roost Tuesday, with Tilray sprinting $1.87, or 15%, to $14.35, while Cronos Group ahead 50 cents, or 7.5%, to $7.16.

Among techs, BlackBerry reached higher $1.55, or 12.4%, to $14.10, and Alithya Group improving 13 cents, or 3.7%, to $3.65.

In the real-estate sector, Summit Industrials REIT hiked 44 cents, or 1.9%, to $23.29, while Cominar REIT added 14 cents, or 1.4%, to $10.33.

Consumer staples did, however, get bruised, notably, SunOpta, sliding 42 cents, or 4.2%, to $9.70, while Loblaw Companies ditched $1.03, or 1.1%, to $92.03.

In utilities, Fortis Inc. settled 90 cents, or 1.6%, to $55.44, while Emera lost … Read more