The Dow Jones Industrial Average rose on Thursday, marking a fifth positive session.
 | THU, OCT 27, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 144.80 | -4.55 | -3.05% | | INTC | 26.27 | -0.94 | -3.45% | | MSFT | 226.75 | -4.57 | -1.98% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | META | 97.94 | -31.88 | -24.56% | | TWTR | 53.70 | +0.35 | +0.66% | | AMZN | 110.96 | -4.70 | -4.06% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | META | 97.94 | -31.88 | -24.56% | | AMZN | 110.96 | -4.70 | -4.06% | | AAPL | 144.80 | -4.55 | -3.05% | |
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The Dow Jones Industrial Average continued its ascent for a fifth day Thursday. The S&P 500 and Nasdaq Composite fell as technology companies flounder after earnings. The 30-stock index was boosted by strong post-earnings performance from stocks such as McDonald's, Caterpillar and Honeywell. Investors were also encouraged by new data that showed U.S. gross domestic product grew faster than expected and hinted that inflation could be cooling. The U.S. economy grew at a 2.6% annualized pace for the period, the Bureau of Economic Analysis report showed, beating the Dow Jones estimate of 2.3%. The chain-weighted price index, a cost-of-living measure adjusted for consumer behavior changes, rose 4.1% compared to a 5.3% estimate. A gauge used by the Federal Reserve found headline inflation came to 4.2%, a drop from 7.3%. Market observers varied on how to interpret the data's impact on investor sentiment and trading. |
"Overall, this was exactly the type of report the Federal Reserve is looking for," said Curt Long, chief economist at the National Association of Federally-Insured Credit Unions. Long said the data supported arguments that the Fed could employ rate hikes of 50 basis points rather than 75 starting with the December meeting. Though he found the data encouraging for those looking for signs of cooling inflation, he said it was likely too early for the Fed to change course from the trend of 75 basis point hikes at the meeting next week. Cliff Hodge, chief investment officer at Cornerstone Wealth, agreed, calling the data a "goldilocks number for risk assets." However, some weren't so sure about the GDP report's impact on the markets. Liz Young, head of investment strategy at SoFi, said it was likely not a major driver of intraday trading. She also said the data showed there was not a current recession, but warned against taking it to mean that there is no likelihood of one going forward. "I don't think that that was a data point that was big on the market trading docket today," she said. |
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