Wall Street Closes Near Peaks After Hitting Record Highs On 3rd Quarter Earnings

NEW YORK (UrduPoint News / Sputnik - 27th October, 2021) Wall Street closed near all-time peaks on Tuesday as strong third quarter earnings for US companies and the prospect of better business ahead from the loosening of more COVID-19 restrictions sent stocks to record highs earlier in the day.

The three major US equity indices - the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite - finished just slightly above Monday's settlement. But their historic peaks from earlier in the day reinforced their recent uptrend after brutal plunges in September and sheer volatility earlier this month.

October's uptick in stocks came as American corporations from banking to healthcare, auto, technology and entertainment mostly reported blockbuster third quarter earnings.

"This earnings season has been about pricing momentum and whether consumers are able to handle surging costs," Ed Moya, analyst at online trading platform OANDA, said. "So far it seems the consumer can handle it."

The Dow, a blue-chip index which groups mostly industrial stocks, settled up 0.04% at 35,756 after a record high at 35,893 earlier.

The S&P 500, which consists of the top 500 US stocks, closed up 0.2% at 4,573. It hit an all-time high of 4,598 earlier.

The Nasdaq Composite Index, which lists the marquee Names in Big Tech, was up 0.06% at 15,236 after a peak at 15,384.