Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

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

10/22/2021 | 09:36pm EST
Traders work on the floor of the NYSE in New York

NEW YORK (Reuters) - 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.

"There's a bit of a positioning unwind taking place. We've obviously seen a firmer dollar since the September" Fed meeting, said Mazen Issa, senior FX strategist at TD Securities in New York. "That also dovetails with the seasonal tendency for the dollar to soften into the end of the month."

Investors also digested news that China Evergrande Group appeared to avert default with a source saying it made a last-minute bond coupon payment.

The Dow Jones Industrial Average rose 73.94 points, or 0.21%, to 35,677.02, the S&P 500 lost 4.88 points, or 0.11%, to 4,544.9 and the Nasdaq Composite dropped 125.50 points, or 0.82%, to 15,090.20.

The pan-European STOXX 600 index rose 0.46% and MSCI's gauge of stocks across the globe shed 0.03%.

The MSCI index posted gains for a third straight week along with the three major U.S. stock indexes.

In the U.S. bond market, yields on longer-dated U.S. Treasuries slid.

The yield on 10-year Treasury notes was down 1.6 basis points to 1.659% after rising to a five-month high of 1.7064% late Thursday.

Oil rose and ended up for the week, near multi-year highs. Brent crude futures rose 92 cents to settle at $85.53 a barrel, and registered its seventh weekly gain. U.S. crude futures gained $1.26, to settle at $83.76, and rose for a ninth straight week.

Spot gold was up 0.6% at $1,793.82 per ounce.

Among cryptocurrencies, bitcoin last fell 2.21% to $60,841.96.

(Additional reporting by Simon Jessop in London, and Karen Brettell, Sinead Carew and Herbert Lash in New York and Kevin Buckland in Tokyo; Editing by Hugh Lawson Mark Potter and David Gregorio)

By Caroline Valetkevitch


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.18% 3437.36 Delayed Quote.5.54%
INTEL CORPORATION 1.85% 49.5 Delayed Quote.-0.64%
Latest news "Economy & Forex"
12/03Didi Global to start work on delisting from New York, to pursue listing in Hong Kong
RE
12/03China-listed firms rush to divest property businesses amid sector crackdown
RE
12/03Dollar edges higher before U.S. jobs report as Omicron fears ease
RE
12/03China aoyuan group set to open down 6.9%
RE
12/03TILMAN FERTITTA : FAST Acquisition refuses to terminate SPAC merger with Fertitta Entertainment
RE
12/03Gold heads for weekly fall on hawkish Fed talk
RE
12/03China c.bank says sets 7-day reverse repo rate at 2.20% vs 2.20% previously
RE
12/03Emerging market FX gains seen modest amid tighter Fed and China, Omicron risks
RE
12/03Australia, NZ dollars head for 5th week of losses, RBA meeting looms
RE
12/03S.Korea parliament approves record 607.7 trln won budget for 2022
RE
Latest news "Economy & Forex"