The S&P 500 and the Dow Jones Industrial Average reached new record highs on Friday, completing six consecutive weeks of gains. The S&P 500 closed at 5,864.67, up 0.40%, while the Dow Jones Industrial Average gained 0.09% to end at 43,275.91. The Nasdaq Composite also rose by 0.63% to 18,489.55, driven by Netflix’s strong post-earnings performance.
Netflix surged by 11% after exceeding Wall Street’s earnings and revenue expectations in the third quarter, with a 35% increase in ad-tier memberships. Procter & Gamble also reported better-than-expected earnings, though revenue fell short.
Amidst the earnings season, more than 70 S&P 500 companies have reported, with 75% beating expectations. Despite the upcoming election introducing expected market volatility, stocks may continue to rally through November, according to Sage Advisory’s chief investment strategist, Rob Williams. He noted that stocks may perform well leading up to the election, with possible volatility following the event.
Williams suggested that investors may have already factored in a win for Republican nominee Donald Trump, with his anticipated business-friendly policies. This atypical scenario may result in continued stock market strength before the election, followed by potential volatility afterwards. Overall, the market’s performance leading up to the election defies typical election year trends.
Photo credit
www.nbcnews.com