U.S. stock markets rallied to record highs Friday, climbing for a fourth straight session after a rocky start to the week.
The Dow Jones Industrial Average gained 235 points, or 0.68%, to finish above 35,000 for the first time.
The S&P 500 and the Nasdaq Composite, meanwhile, advanced 1.02% and 1.04%, respectively. The major averages ended the week with four straight days of gains after heavy selling on Monday resulted in the Dow's steepest one-day slide since October.
|I:DJI||DOW JONES AVERAGES||34798||+33.18||+0.10%|
|I:COMP||NASDAQ COMPOSITE INDEX||15047.699032||-4.54||-0.03%|
In stocks, Intel CEO Pat Gelsinger told The Wall Street Journal that the global chip shortage could stretch into 2023. The shortage, which was the result of lockdowns aimed at slowing the spread of COVID-19, has snarled auto production and caused supply chain dislocations in other industries, including cell phones and consumer electronics.
In earnings, Dow component American Express Co. reported revenue jumped 33% from a year ago as consumer spending topped pre-pandemic levels. The credit card giant released $866 million of reserves that had been built up to protect against losses during the pandemic.
|AXP||AMERICAN EXPRESS CO.||175.72||+2.36||+1.36%|
Twitter Inc. exceeded Wall Street estimates on both the top and bottom lines as revenue surged 74% year over year, the fastest since 2014. The number of monetizable daily active users grew 11%.
Snap Inc. shares soared to a record high after the social media company beat on earnings and revenue as the number of global daily active users rose to 293 million, up almost 5% from the previous quarter. The social media company guided for revenue growth of 58% to 60% in the current quarter, down from the 116% annualized growth from last quarter.
Big tech names including Alphabet Inc., Amazon.com Inc., Apple Inc., Facebook Inc. and Microsoft Corp. rose ahead of next week's earnings reports.
Boeing Co., Tesla Inc, United Parcel Service Inc., Mastercard Inc. and McDonald’s Corp. are among the other companies scheduled to report in the week ahead.
|BA||THE BOEING CO.||221.39||+0.29||+0.13%|
|UPS||UNITED PARCEL SERVICE, INC.||188.02||+1.23||+0.66%|
In commodities, West Texas Intermediate crude oil edged up 16 cents to $72.07 a barrel and gold slipped $3.60 to $1,801.80 an ounce.
Overseas markets were mixed with strength in Europe and weakness in Asia.
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European bourses rallied across the board with France’s CAC 40 up 1.35%, Germany’s DAX 30 advancing 1% and Britain’s FTSE 100 climbing 0.85%.
In Asia, Hong Kong’s Hang Seng index slid 1.45% and China’s Shanghai Composite lost 0.68%. Japan’s Nikkei 225 remained closed for holiday.