Both the S&P 500 and the Dow Jones Industrial Average reached all-time highs on Friday, marking six consecutive weeks of gains. The S&P 500 rose by 0.40% to close at 5,864.67, while the Dow Jones Industrial Average increased by 0.09% to end at 43,275.91. The Nasdaq Composite also saw gains, finishing the day up 0.63% at 18,489.55, driven by a post-earnings surge in Netflix.
This positive trend was the longest string of weekly gains in 2024 for both the Dow and S&P 500, with the former ending 0.96% higher and the latter 0.85% higher. The Nasdaq climbed by 0.80%. Netflix shares surged by 11% after beating Wall Street’s earnings and revenue expectations for the third quarter.
Procter & Gamble also reported better-than-expected earnings, despite falling short on revenue estimates. More than 70 S&P 500 companies have reported earnings this season, with 75% surpassing expectations, according to FactSet.
Despite expectations of increased market volatility leading up to the election, some experts, like Rob Williams, chief investment strategist at Sage Advisory, believe that stocks may continue to rally through November. This would be atypical for an election year, with investors possibly already pricing in a victory for Republican nominee Donald Trump, whose policies are perceived as more business-friendly in terms of taxes and regulations. Williams suggests that the market may see strength leading up to the election, followed by some volatility afterwards.
Photo credit
www.nbcnews.com