The Dow Jones Industrial Average and the S&P 500 reached new record highs on Friday. This marks the longest streak of weekly advances in 2024 for both indexes. The Dow gained 36.86 points, or 0.09%, to end at 43,275.91.
Good Morning from #Germany, where the "Glorious 5" #SAP, Siemens, Deutsche Telekom, Allianz, Munich Re continue to dominate the stock market and returns following good numbers from SAP. While the benchmark index Das has risen by 16.6% Ytd, the Glorious 5 have surged even… pic.twitter.com/hidjw27wOc
— Holger Zschaepitz (@Schuldensuehner) October 22, 2024
The S&P 500 advanced by 0.40% to close at 5,864.67. The Nasdaq Composite rose 0.63% to finish at 18,489.55. It benefited from a post-earnings jump in Netflix shares.
Stocks To Watch | ? Ready, set, trade! Keep an eye on these stocks as they set the market abuzz #StockMarket pic.twitter.com/lpcyEjWrLH
— ET NOW (@ETNOWlive) October 22, 2024
Netflix surged 11% following its strong third-quarter performance and a 35% rise in ad-tier memberships. More than 70 S&P 500 companies have reported their earnings this season. 75% of them surpassed expectations, according to FactSet.
#USMarketAtOpen | S&P 500, Nasdaq 100 open flat and other significant updates ?#Boeing #Lumen @Nasdaq pic.twitter.com/eeOSYLnFm6
— ET NOW (@ETNOWlive) October 21, 2024
Rob Williams, Chief Investment Strategist at Sage Advisory, foresees an unusual trend. He expects stocks to continue rallying through November, despite the typical volatility leading up to the election. Williams attributes this outperformance to investors pricing in a potential win by Republican nominee and former President Donald Trump.
Morning Report: #DowJones and #SP500 end at fresh record highs, lifted by Netflix $NFLX earnings and tech stocks.https://t.co/uE96F6GdI8
— CommSec (@CommSec) October 20, 2024
John Paulson, founder of Paulson & Co., noted that the strength of the U.S. economy is significantly driven by government deficit spending.
S&P index sees weekly advances
Paulson indicated a 14% increase in federal spending compared to the previous year.
Small-cap stocks performed well throughout the week. The small-cap Russell 2000 index is poised to end the week about 2% higher, compared to the broader market’s gain of less than 1%.
Airline stocks also experienced a strong week. The Airline ETF rose 1.8% on Friday and more than 7% weekly. Notable gains included Alaska Airlines and JetBlue, which grew by 3.3% and 2.3%, respectively.
Bank of America upgraded Tyra Biosciences, citing optimism about the company’s approach to drug development and innovative SNAP technology platform. Tyra’s shares increased more than 2% on Friday, reaching a new 52-week high.
Netflix shares jumped 10% because the company beat Wall Street’s expectations. CVS shares tumbled 8% following the announcement that longtime executive David Joyner will replace Karen Lynch as CEO. Activist investor Jana Partners disclosed it has built a significant stake in a company, causing its shares to surge by 9.2%.
