Stock Market Today: The S&P Squeaks Out a Record Close
Shrinking unemployment claims and a pop in Tesla on Thursday contributed to a new high for the S&P 500 and gains for the Nasdaq.


Thursday's session was much like yesterday's in that none of the major indexes made a strong move in either direction. But instead of Wednesday's bent toward cyclicals sectors, buyers instead opted for tech-esque and defensive stocks.
Unemployment filings continued to move in the right direction; the Labor Department said that initial claims for the week ending Oct. 16 came to 290,000, which was below estimates for 300,000, and 6,000 claims fewer than the prior week.
And September U.S. existing-home sales topped expectations, perking up by 7.0% to 6.3 million units annualized, to their highest point since the start of 2021.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"[Levels are] still below year-ago levels but those are 'base effects' ... everyone moving out to the burbs or to cheaper locales while doing the same job," says Jennifer Lee, Senior Economist for BMO Capital Markets.
The Dow Jones Industrial Average nonetheless finished marginally in the red, to 35,603, hindered by a steep 9.6% drop in International Business Machines (IBM), which missed analysts' expectations for third-quarter revenues and reported a 33% decline in profits.
The S&P 500, however, was able to claw out a new record close, improving by 0.3% to 4,549, and the Nasdaq Composite did even better with a 0.6% gain to 15,215. They were helped in part by a 3.3% advance in Tesla (TSLA), which reported record sales, profits and gross margins for Q3.
"We are raising our price target on Tesla from $1,000 to $1,100 as the green tidal wave hits its next gear into 2022, with Tesla leading the charge," says Wedbush analyst Daniel Ives, who rates the stock at Outperform (equivalent of Buy).
Those indexes also received help from Netflix (NFLX, +4.5%) and Nvidia (NVDA, +2.7%), among others.
Other news in the stock market today:
- The small-cap Russell 2000 climbed 0.3% to 2,296.
- U.S. crude futures gave back 1.1% to settle at $82.50 per barrel – snapping a five-session winning streak.
- Gold futures slipped 0.2% to finish at $1,781.90 an ounce.
- The CBOE Volatility Index (VIX) was down 3.2% to 14.99.
- Bitcoin prices cooled off from their all-time highs, slipping 5.4% to $62,832.43. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
- Shares of Crocs (CROX) surged 9.3% today after the plastic shoemaker's third-quarter results blew past analysts' estimates. Over the three-month period, CROX brought in adjusted earnings of $2.47 per share – up 162.7% year-over-year – on $626 million in revenues, a 73% improvement over the year-ago period. Analysts, by contrast, were expecting earnings of $1.88 per share on $610 million in sales. "We see best-in-class brand momentum driven by product innovation, personalization, powerful social and digital marketing campaigns, and a digital first route to market," CFRA Research analyst Zachary Warring says. "We initiate Crocs as a Strong Buy and our top pick in footwear."
- Tenet Healthcare (THC) was another post-earnings mover, jumping 7.3%. In its third quarter, the hospital operator reported adjusted earnings of $1.99 per share (+210.9% YoY) on $4.9 billion in revenues, up 7.4% from Q3 2020. Credit Suisse analysts maintained their Outperform rating – the equivalent of a Buy – on THC after last night's report, saying hospital results reflect a continuation of rebounding volume and strong pricing.
One of the Biggest ETF Launches of All Time
If you heard a "whoosh" yesterday afternoon, that was the sound of a long-held record going bye-bye.
On Oct. 19, ProShares launched the first Bitcoin futures exchange-traded fund in the U.S., the ProShares Bitcoin Strategy ETF (BITO), and investors greeted it by pouring roughly $570 million into the fund. By the Oct. 20 close, it had accumulated $1.1 billion in assets under management, making it the quickest an ETF has ever reached the $1 billion asset mark.
The previous record holder? The ubiquitous gold ETF, the SPDR Gold Shares (GLD), which accomplished the feat in three days 18 years ago.
So … why did Wall Street gobble up BITO with such gusto?
For years, retail and institutional investors who prefer or are bound to traditional accounts have been limited in the ways they can access Bitcoin and other cryptocurrencies. For the most part, if you had, say, a brokerage or an IRA, you could only invest in companies that fit somewhere into the crypto ecosphere, or funds that either invest in those companies or provide imperfect tracking of Bitcoin prices.
This new ProShares fund, however, is the first of a new breed that can invest in Bitcoin futures, which offers more direct exposure than stock-centric Bitcoin funds. We've just taken a deep dive into BITO that answers a lot of questions: What's the big deal? What does it do? And is this a good way to take a dive into Bitcoin? Check out our look at BITO.
Kyle Woodley was long NVDA as of this writing.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.
Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism.
You can check out his thoughts on the markets (and more) at @KyleWoodley.
-
How Your Social Security Check Changes at Ages 62, 65, 66, 67 and 70
The longer you wait, the bigger your Social Security check. We break it down by the most common ages when people claim their benefits.
-
Lock or Float? How to Decide on Your Mortgage Rate
Mortgage rates move daily, here’s how to know if you should lock in a rate now or let it float until closing.
-
Stocks Slide to Start September: Stock Market Today
Seasonal trends suggest tough times for the stock market as we round into the end of the third quarter.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have Today
Sherwin-Williams stock has clobbered the broader market by a wide margin for a long time.
-
AI Start-ups Are Rolling in Cash
The Kiplinger Letter Investors are plowing record sums of money into artificial intelligence start-ups. Even as sales grow swiftly, losses are piling up for AI firms.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have Today
UNH stock was a massive market beater for ages — until it wasn't.
-
S&P 500 Tops 6,500 Even as Nvidia Slips: Stock Market Today
The world's most valuable company closed lower after earnings, but the S&P 500 managed to notch a new record high.
-
Stocks Edge Higher With Nvidia, Fed in Focus: Stock Market Today
The AI bellwether reports earnings after today's close, while Wall Street is keeping a cautious eye on President Trump's attacks against the Fed.
-
President Trump Makes Markets Move Again: Stock Market Today
The White House is moving ahead with plans to reshape the Federal Reserve and to buy shares in more sectors and stocks.
-
Stocks Struggle to Start Nvidia Week: Stock Market Today
Another important week for the stock market starts on a risk-off note.