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Dow posts record closing high

Capital Market 

The Dow Jones Industrial Average closed at a record high Friday on optimism surrounding third-quarter earnings, even as shares of technology companies fell under pressure.

The Dow Jones Industrial Average rose 73.94 points, or 0.2%, to close at a record 35,677.02. The S&P 500 index slipped 4.88 points, 0.1%, to end at 4,544.90. The tech-heavy Nasdaq Composite Index dropped 125.50 points, or 0.8%, finishing at 15,090.20.

The U.S. equity market on Friday faced pressure from selling in large-capitalization technology stocks, which weighed on the tech-heavy Nasdaq and the broad-market S&P 500.

Stocks came under pressure after Federal Reserve Chair Jerome Powell said the U.S. central bank was "on track" to begin reducing its purchases of assets.

In economic reports, IHS Markit's survey of senior business executives in service-oriented companies rebounded to a three-month high of 58.2 from 54.9 in September. A similar survey of manufacturers slipped to 59.2 from 60.7. Any reading over 50 signals improving conditions.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, October 23 2021. 12:05 IST