Dow ends at record, capping strong week for US stocks

The Dow has finished at a record on Friday, capping a strong week for US stocks following mostly solid corporate earnings that have offset worries about inflation.

The blue-chip Dow Jones Industrial Average ended up 0.2 percent at 35,677, its first record since mid-August.

But both of the other two major indices retreated, even as all three indices won gains for the week. The tech-rich Nasdaq Composite Index dropped 0.8 percent to 15,090, while the broad-based S&P 500 ended down 0.1 percent to 4,545. For the week, the S&P 500 was up 2.4 percent.

“While just about every company is talking about supply chain pressures, you’re not seeing a lot of companies talking about how demand is falling,” said analyst Patrick O’Hare.

O’Hare said investors have been reassured by statements that companies have managed to pass on price increases to consumers, preserving profit margins.

Among individual companies, American Express jumped 5.4 percent as it reported better-than-expected profits on rising consumer spending.

But Snap plunged 26.6 percent as it cited a hit from Apple’s move to change its privacy settings that have made it more difficult to target advertising. Fellow social media companies Twitter and Facebook both lost about five percent.

Digital World Acquisition Corp, a special purpose acquisition company, surged 107 percent, its second straight blowout session following an announcement it will merge with a media startup company of former US President Donald Trump. (AFP)