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Oct. 28, 2021, 4:24 p.m. EDT

S&P 500, Nasdaq hit new records on strong earnings and progress on budget deal, despite disappointing economic growth

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By William Watts and Thornton McEnery

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Those moves come as the Federal Reserve is scheduled to hold its two-day rate-setting gathering Nov. 2-3, where it is widely expected to announce and start tapering of its monthly purchases of $120 billion in Treasurys and mortgage-backed securities.

In political news, President Biden unveiled the framework for $1.75 trillion social-spending bill with extended CTC payments and climate change provisions that he said has the support of congressional Democrats.

Which companies were in focus?

  • Facebook /zigman2/quotes/205064656/composite FB -4.23% stock surged after social media platform said it will rebrand itself as Meta . Shares closed up 1.5%.

  • Caterpillar Inc.  CAT  shares rose more than 4% after the maker of equipment for the construction and energy industries swept pass profit estimates for the third quarter. 

  • Shares of Merck & Co. Inc.  MRK rose 6.1% after the drugmaker and animal health company reported third-quarter profit and revenue that rose above expectations and provided and upbeat full-year outlook.

  • Hertz Global Holdings Inc.   HTZZ,  which emerged from bankruptcy in July, said Thursday it had net income of $571 million, or $1.13 a share, in the third quarter, after a loss of $222 million, or $1.42 a share, in the year-earlier period. Shares rose 5%.

  • Hershey CoHSY  ended flat after the candy company reported third-quarter earnings that beat expectations and raised its guidance.

  • Molson Coors Beverage Co. shares  TAP rose 0.5% after the brewer of Coors Light, Miller Lite, Molson Canadian, and other beer brands beat earnings estimates for the third quarter.

  • Shares of Northrop Grumman Corp.  NOC were in focus after the aerospace and defense contractor reported third-quarter profit that beat expectations but sales that fell short, as weakness in the company’s service business offset an increase in product sales. Shares tumbled 7.6%.

How did other assets fare?

  • The yield on the 10-year Treasury note  TMUBMUSD10Y were up 2.4 basis points to 1.574%, after seeing its steepest daily drop since July 19 as front-end yields jumped, flattening the curve. Yields and debt prices move in opposite directions.

  • The ICE U.S. Dollar Index  DXY,  a measure of the currency against a basket of six major rivals, was off 0.5%.

  • Oil futures traded lower, with the U.S. benchmark  CL00 down 0.6% to reach $83.19 a barrel. Gold futures  GC00 were flat at $1,799.80 an ounce.

  • In European equities, the Stoxx Europe 600  SXXP  edged up 0.2% and London’s FTSE 100  UKX  was down 0.1%.

  • The Shanghai Composite  SHCOMP fell 1.2%, while the Hang Seng Index  HSI dropped 0.3% in Hong Kong, while Japan’s Nikkei 225  NIK  saw a 1% decline.

/zigman2/quotes/205064656/composite
US : U.S.: Nasdaq
$ 303.17
-13.39 -4.23%
Volume: 28.71M
Jan. 21, 2022 4:00p
P/E Ratio
21.65
Dividend Yield
N/A
Market Cap
$843.35 billion
Rev. per Employee
$1.92M
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