S&P 500 Hits New Record Steering the Asian Stocks

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  • Asian shares were mixed Friday after a late-in-the-day wave of buying pushed the S&P 500 to a fresh record high.
  • The Dow slipped less than 0.1%, to 35,603.08, pulled lower by IBM’s 9.6% slump after it reported quarterly revenue that fell shy of analysts’ forecasts.
  • Footwear company Crocs vaulted 9.3% after reporting solid third-quarter results, noting it has taken steps to navigate its own supply chain headaches.

Asian shares were mixed Friday after a late-in-the-day wave of buying pushed the S&P 500 to a fresh record high, reports ABC News.

Companies Gain Back Shares

An official newspaper, the Securities Times, said China Evergrande Group made an overdue bond payment on Friday.

The company’s Hong Kong-traded shares gained 5%.

Tokyo’s Nikkei 225 added 0.6% to 28,892.11 while the Kospi in Seoul gained 0.2% to 3,013.69.

On Wall Street on Thursday, the benchmark S&P 500 bounced back from an early slide to rise 0.3% to 4,549.78 its seventh straight gain.

It is just below its all-time high set on Aug. 16.

Companies relying on direct-consumer led to gains 

A mix of companies that rely on direct consumer spending led the gains Thursday.

Capital One slid 4.4% and Discover Financial Services dropped 6.1%.

Many companies have warned that the supply chain issues and overall higher costs will hurt operations and Wall Street is trying to gauge just how much it will sting corporate profit growth and margins.

Footwear company Crocs vaulted 9.3% after reporting solid third-quarter results, noting it has taken steps to navigate its own supply chain headaches.

Several carmakers and automotive products companies made gains following Tesla’s latest earnings.

Investors Recieve a Labor Market Update

WeWork rose 13.5% in its second attempt to become a publicly traded company.

Shares in a special-purpose acquisition company, or SPAC, that is planning on taking a new media company launched by former President Donald Trump public soared after news of the venture broke late Wednesday.

Outside of earnings, investors received an encouraging update on the labor market.

In another trading, U.S. benchmark crude oil lost 32 cents to $82.18 per barrel in electronic trading on the New York Mercantile Exchange.

The U.S. dollar rose to 114.08 Japanese yen from 113.99 yen late Thursday.

The euro advanced to $1.1631 from $1.1624.

 

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Source: ABC News

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