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No Record for S&P, but Still a 3-Week Streak

Index falls slightly Friday, but is up for the week
By Newser Editors and Wire Services
Posted Oct 22, 2021 3:05 PM CDT
No Record for S&P, but Still a 3-Week Streak
Pedestrians pass the New York Stock Exchange in this file photo.   (AP Photo/John Minchillo)

(Newser) – Stock indexes on Wall Street had a lackluster Friday, but the benchmark S&P 500 still managed a weekly win—its third in a row. The index slipped 4 points to 4,544, coming down a bit off Thursday's record-high close, per CNBC. The Dow rose 73 points to 35,677, while the tech-heavy Nasdaq fell 125 points to 15,090. Contributing to the latter: Chipmaker Intel slumped 11.8% after reporting disappointing revenue, per the AP. Snapchat’s parent company, Snap, plunged 25.1% after reporting weak revenue and disclosing that its ad sales are being hurt by a privacy crackdown that rolled out on Apple’s iPhones earlier this year. The news weighed down several other social media companies. Facebook fell 5.9% and Twitter fell 4.1%. Google's parent, Alphabet, fell 3.1%.

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Banks and other financial companies made solid gains. American Express jumped 6.4% after reporting solid third-quarter financial results. The company noted an increase in consumer spending and travel. Bank of America rose 1.3%. The company planning to make former President Trump’s new media venture a publicly traded company soared for a second straight day. Digital World Acquisition nearly tripled in the first minute of trading, jumping 189.9% to $131.90 before getting temporarily halted and then trimmed to a 106% gain. It more than quadrupled the day before, surging to $45.50 from $9.96, after it said it would merge with Trump Media & Technology Group, which aims to challenge Facebook, Twitter, and even Disney’s streaming video service.

(Read more stock market stories.)

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