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)

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%.

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.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X