Stock Market Today: Stocks End Higher But Snap Spirals
The stock market finished the week strong on hopes the streak of aggressive Fed rate hikes will end sooner rather than later.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Stocks closed solidly higher Friday as Wall Street cheered reports the Federal Reserve could consider smaller rate hikes following its November meeting.
An early morning article in The Wall Street Journal suggested some Fed officials have been indicating they support slowing down the pace of rate hikes soon in order to allow what they've done thus far (one 0.25% increase followed by three straight 0.75% raises, and expectations for another 0.75% hike at the Nov. 1-2 meeting) to work. This, along with comments from San Francisco Fed President Mary Daly, who said today that "the time is now to start planning for stepping down," gave stocks enough reason to rally.
A fresh round of well-received corporate results created another tailwind for stocks, with beermaker Boston Beer (SAM, +19.7%) and regional bank Huntington Bancshares (HBAN, +9.5%) among those higher on Q3 beats.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
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.
Not all earnings reactions were positive, though. Snapchat parent Snap (SNAP) plunged 28.1% after reporting its lowest year-over-year revenue growth on record due to slowing ad spending.
At the close, the Dow Jones Industrial Average was up 2.5% at 31,082, the S&P 500 Index was 2.4% higher at 3,752, and the Nasdaq Composite jumped 2.3% to 10,859.
What a Stronger Dollar Means for Stocks
What's in store for next week? A busy earnings calendar loaded with Big Tech results. Among the names set to report are Alphabet (GOOGL), Amazon.com (AMZN) and Apple (AAPL). While earnings from those companies that have posted so far have been generally well received, this next batch could give us a bigger hint at how the stronger dollar impacted corporations in Q3.
"A strong dollar has been a drag for even some unsuspecting companies such as Johnson & Johnson (JNJ), Netflix (NFLX) and Levi's (LEVI), but it will especially be a headwind for multinationals," says Larry Adams, chief investment officer of Raymond James' private client group. "While the degree of the impact depends on the blend of costs versus sales overseas and how much of the currency risk is hedged, a stronger dollar typically impairs earnings." So, what does a stronger dollar mean for investors of these multinational corporations (and others)? Here, we take a closer look.
-
Hosting a Family Reunion? 10 Essentials for a Lasting LegacyRekindle old friendships, pass down traditions and have a ball at your family reunion. We answer 10 common planning questions.
-
Tied Up in a Concentrated Stock Position? How to Get LooseIf you've built significant wealth through stock in one company, deciding your next move may be petrifying. Use this decision-making framework to get unstuck.
-
How Your IRA Can Work for Change and Help the Next GenerationUnhappy with the environmental and social impact of your investments? An impact fund that aligns your portfolio with your values could make all the difference.
-
Tech Stocks Fuel Strong Start to the Week: Stock Market TodayThe blue-chip Dow Jones Industrial Average extended its run above 50,000 on Monday and there are plenty of catalysts to keep the 30-stock index climbing.
-
Why the Next Fed Chair Decision May Be the Most Consequential in DecadesKevin Warsh, Trump's Federal Reserve chair nominee, faces a delicate balancing act, both political and economic.
-
Dow Adds 1,206 Points to Top 50,000: Stock Market TodayThe S&P 500 and Nasdaq also had strong finishes to a volatile week, with beaten-down tech stocks outperforming.
-
Stocks Sink With Alphabet, Bitcoin: Stock Market TodayA dismal round of jobs data did little to lift sentiment on Thursday.
-
Dow Leads in Mixed Session on Amgen Earnings: Stock Market TodayThe rest of Wall Street struggled as Advanced Micro Devices earnings caused a chip-stock sell-off.
-
Nasdaq Slides 1.4% on Big Tech Questions: Stock Market TodayPalantir Technologies proves at least one publicly traded company can spend a lot of money on AI and make a lot of money on AI.
-
Fed Vibes Lift Stocks, Dow Up 515 Points: Stock Market TodayIncoming economic data, including the January jobs report, has been delayed again by another federal government shutdown.
-
Stocks Close Down as Gold, Silver Spiral: Stock Market TodayA "long-overdue correction" temporarily halted a massive rally in gold and silver, while the Dow took a hit from negative reactions to blue-chip earnings.
