Stock market today
Another higher close today for the US stock market. Dow Jones closed above the 36,000 level and outperformed. In anticipation of the Fed monetary decision tomorrow the closing numbers for the US stock market today are the following:
S&P 500: 4,630.65,+16.98(+0.37%)
Dow 30: 36,052.63,+138.79(+0.39%)
Russell 2000: 2,361.86,+3.74(+0.16%)
Stock market news
” Stocks reached fresh all-time highs on Tuesday in another record-setting session, with investors cheering another set of better-than-expected corporate earnings results.
The Dow and S&P 500 gained while the Nasdaq rose more modestly, weighed by a drop in Tesla (TSLA) after CEO Elon Musk downplayed the expected impact of a deal with car rental giant Hertz. Investors watched with optimism as more corporate earnings results exceeded expectations and defied concerns over ongoing supply chain constraints, shortages and cost pressures.
Clorox (CLX) became one of the latest major names to top estimates in results posted Monday after the closing bell, with the cleaning supplies and home goods company topping third-quarter sales and profits estimates and reaffirming its full-year guidance even as the company said it expects “cost pressures to persist.” Shares of Avis (CAR) and Simon Property Group (SPG) also jumped, with both of these companies posting quarterly earnings that exceeded expectations after market close.
Heading into this week, the expected earnings growth rate for the S&P 500 was at 36.6% for the third quarter, which while a step down from the second quarter’s rate, would still mark the third-highest pace in data spanning back to 2010, according to FactSet.
“I don’t think what’s going on is terribly surprising,” when it comes to the sizable year-over-year earnings growth many companies have reported for the third quarter, Pacer ETF’s President Sean O’Hara told Yahoo Finance Live. “I think what we need to see going forward is, is it sustainable, or are some of these outside factors going to be a bigger challenge than we expect?”
“Is inflation and the input costs that the producers are dealing with, is that going to derail things? Is the lack of workers?” he added. “There’re a lot of things out there that could potentially derail the market, especially as you’re making this transition from where we are, which is easy comparables versus last year, to more difficult ones going forward.”
Stock market data: Yahoo Finance