Records at the close for the S&P 500 and the Nasdaq, driven by results – archyworldys

by David French

NEW YORK (Reuters) – The S&P 500 and the Nasdaq both hit record highs at the close of the New York Stock Exchange after a turbulent Thursday day as investors focused on the strong results of retail groups and in the tech sector, which eclipsed comments on inflation from a Federal Reserve official.

The Dow Jones index fell -0.17%, or 60.1 points, to 35,870.95 points.

The larger S & P-500 took 15.87 points, or 0.34%, to 4,704.54 points.

The Nasdaq Composite for its part advanced 72.14 points (0.45%) to 15,993.71 points.

In contrast, the Dow Jones recorded its third decline of the week, as Cisco Systems weighed on the benchmark.

Inflation remains the focus of investor concerns, and stock markets initially fell after New York Federal Reserve Chairman John Williams said inflation is becoming more widespread and expectations for future price increases are up.

The Nasdaq and the S&P 500, however, reached record levels on the back of overall better than expected corporate results and were supported by the latest financial accounts of retail groups.

“The consumer is stronger than expected; this is good news for the country as a whole. A stronger consumer is a reflection of a strong economic rebound,” said Mike Zigmont, head of trading at Harvest Volatility Management , At New York.

At values, chipmaker Nvidia surged after beating quarterly estimates and forecasting strong fourth-quarter sales.

Macy’s grew after raising its full-year revenue and profit forecast Kohl’s also rose after raising its full-year sales outlook.

(French version Camille Raynaud)