Wall Street closed out what had been a mostly listless week with a strong Friday:
- The Dow rose 391 points, or 1.1%, to 34,283.
- The S&P 500 rose 67 points, or 1.5%, to 4,415.
- The Nasdaq rose 276 points, or 2%, to 13,798.
- All three indexes gained for the week, with the Dow up less than 1%, the S&P up more than 1%, and the Nasdaq up about 2%, per CNBC.
More companies reported better profits for the latest quarter than analysts expected, but the focus is swinging toward what companies will do later this year and beyond amid high interest rates and expectations for a slowdown in economic growth, per the AP. Illumina tumbled 9.5% even though the maker of DNA-sequencing and other technology products reported better results for the third quarter than expected. It cut its financial forecasts for the full year and said "the environment remains challenging."
Wynn Resorts also topped analysts' expectations for the latest quarter, but its stock fell 5.5% amid concerns about some weaker trends underneath the surface in Macao. On the winning side of Wall Street was Hologic, which rose 6.7% after the maker of diagnostics and other products focused on women's health reported better profit than expected. Doximity was another winner, up 15.4% after it likewise reported stronger profit than forecast. Big Tech stocks tend to be some of the biggest beneficiaries of easier yields in the bond market, and a 2% gain for Apple and 2.4% rise for Microsoft were two of the strongest forces pushing the S&P 500 upward.
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