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Wall Street ends higher with boost from big tech

Reuters2021-11-13

* Johnson & Johnson announces to split into two companies

* Consumer sentiment hits 10-year low

* Tesla slides as Musk sells more shares

* Indexes up: Dow 0.50%, S&P 0.72%, Nasdaq 1.00%

NEW YORK, Nov 12 (Reuters) - Wall Street stocks closed higher on Friday, with market-leading growth shares kick-starting indexes' climb as investors looked past disappointing U.S. economic data.

Despite their advances, all three major U.S. stock indexes ended the session below last Friday's close, ending a five-week streak of weekly gains.

Investors favored growth over value, with megacap tech stocks, led by Apple Inc and Microsoft Corp, doing the heavy lifting.

The University of Michigan's preliminary consumer sentiment data for November unexpectedly dropped to a 10-year low, and a Labor Department report showed job openings barely budged from record highs even as workers are quitting in record numbers.

"Markets drifted higher today despite a very weak consumer sentiment report, as inflation seems to be hurting consumers more than corporate profits," said David Carter, chief investment officer at Lenox Wealth Advisors in New York.

The souring mood of the consumer could be worrisome to retailers as the holiday shopping season draws near, and is likely to draw intensified scrutiny to upcoming retail earnings reports.

Walmart Inc, Target Corp, Home Depot Inc and Macy's Inc are among the high profile retailers expected to report next week.

"Investors will be focused on guidance from retailers to determine if inflation will crimp profit margins or if costs can be passed through," Carter added.

Retail results will herald the last days of what was a largely upbeat third-quarter earnings season. As of Friday, 459 of the companies in the S&P 500 have reported. Of those, 80% delivered consensus-beating earnings, according to Refinitiv.

The Dow Jones Industrial Average rose 179.08 points, or 0.5%, to 36,100.31. The S&P 500 gained 33.58 points, or 0.72%, at 4,682.85 and the Nasdaq Composite added 156.68 points, or 1%, at 15,860.96.

Ten of the 11 major sectors of the S&P 500 ended higher, with communications services' 1.7% advance leading gainers. Energy's 0.3% dip represented the largest percentage loss.

Shares of Johnson & Johnson gained 1.2% after the healthcare giant announced splitting into two companies, dividing its consumer health care segments from its pharmaceuticals/medical devices business.

Tesla Inc dropped 2.8% on news that Chief Executive Elon Musk has sold an additional $700 million in stock in the next chapter of a saga that began with Musk's infamous Twitter poll on whether he should offload shares in the company he founded.

Rival electric automaker Rivian Automotive Inc advanced 5.7%, notching its third consecutive gain in as many days as a publicly traded company.

U.S.-listed shares of Alibaba Group Holding slipped 0.6% following the e-commerce giant's report showing its slowest-ever Singles Day sales.

Advancing issues outnumbered decliners on the NYSE by a 1.29-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored advancers.

The S&P 500 posted 34 new 52-week highs and one new low; the Nasdaq Composite recorded 130 new highs and 96 new lows.

Volume on U.S. exchanges was 10.32 billion shares, compared with the 10.94 billion average over the last 20 trading days.

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  • koolgal
    ·2021-11-14
    This week was a great week for shares generally and the indexes closed high.  I hope the Santa rally will continue next week! Come on Santa we want a MERRY Christmas! 🚀🚀🚀🌙🌙🌙
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    • koolgal
      Thanks
      2021-11-15
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    • pennylks
      [强] [握手]
      2021-11-15
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    • koolgal
      Yes. I agree. Thanks for sharing
      2021-11-15
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  • robot1234
    ·2021-11-14
    Valuation no longer cheap. Current market more suitable for speculators and day traders
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    • PearlynCSY
      Good comment
      2021-12-10
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  • breAkdaWn
    ·2021-11-14
    We investors are always optimistic. We loose we hope to gain again. We win and we want to win more. Optimistic . Hope. 
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    • koolgal
      Well said.  Best of luck to you!
      2021-12-07
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  • breAkdaWn
    ·2021-11-14
    Wait few days more rivian will be about 80
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  • JeremyKok
    ·2021-11-14
    Will Ali baba drop to $145+ after announcing slow down in 11.11 sales? Is it time to wait for it to drop to $145+ before buying and holding for the long term? Do your own due diligence before you invest.
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    • BlueDragon
      after 11.11, should rise
      2021-11-16
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    • CornellRudolph
      no, alibaba will grow, because the 11.11 hits a record high revenue, you'd better add some more baba now👍🏽
      2021-11-14
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    • SeahWK
      Like
      2021-11-14
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  • JeremyKok
    ·2021-11-14
    Buy Johnson & Johnson during the dip and hold for long term. Do your own due diligence before you invest
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    • buckethead
      which Johnson do I buy? left or right one? 🤪
      2021-11-14
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  • ML808
    ·2021-11-14
    How high will it reach before crashing?
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    • ML808
      nobody care
      2021-11-14
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  • ASMH
    ·2021-11-14
    Like 
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    • ASMH
      O kay
      2021-11-15
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    • Piggys
      👍🍭
      2021-11-14
      回复
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    • RW5
      O
      2021-11-14
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    查看更多 1 条评论
  • b1uesky
    ·2021-11-14
    But this pandemic is still going on, plus the inflation is going up too. I wonder when will it end.
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    • koolgal
      Nobody knows when it will end
      2021-11-14
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  • wywy
    ·2021-11-13
    To the moon
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    • wywy
      [呆住]
      2021-11-16
      回复
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    • wywy
      [呆住]
      2021-11-16
      回复
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    • wywy回复wywy
      yes [呆住]
      2021-11-16
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    查看更多 2 条评论
  • StarGate
    ·2021-11-13
    Great...Green looks good and better for eyes
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    • Karenz
      YuP
      2021-11-13
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  • Chris68
    ·2021-11-13
    👍 
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    • Chris68
      Great
      2021-11-13
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  • dahae
    ·2021-11-13
    🍎
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    • dahae
      🍎
      2021-11-13
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  • 来人
    ·2021-11-13
    Wait for Tesla to drop further. 😁
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  • ALAL
    ·2021-11-13
    Good
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  • SSVC
    ·2021-11-13
    Yeah Appreciate your comments and response Thanks 
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    • SSVC
      [Strong][ShakeHands]
      2021-11-14
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    • SSVC
      [Strong][ShakeHands]
      2021-11-14
      回复
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    • SSVC
      [Strong][ShakeHands]
      2021-11-14
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    查看更多 2 条评论
  • Howhowlee
    ·2021-11-13
    Like
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    • Bll
      Done
      2021-11-13
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  • 857857a8787
    ·2021-11-13
    hulk smash soon please!
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  • Sonson89
    ·2021-11-13
    Good. Seeing green is better then red 😁
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  • Eric2166
    ·2021-11-13
    Good
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    • AndrewL
      👍
      2021-11-13
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