S&P 500 hits record to extend streak to 7 days

New high comes as investors confident about strong earnings from American companies

Ovunc Kutlu   | 21.10.2021
S&P 500 hits record to extend streak to 7 days


The S&P 500 bounced back from losses earlier on Thursday to hit a record high and extend its winning streak to a seventh consecutive trading session.

The index hit an all-time high of 4,551.44 points before closing near 4,549 -- gaining 13 points, or 0.3%.

Tech firm HP and electric carmaker Tesla were some of the biggest winners -- rising 6.9% and 3.3%, respectively.

The Nasdaq rose 94 points, or 0.62% to end the day at 15,215.

But the Dow Jones, fell 6 points, or 0.02%, to 35,603.

The yield on 10-year US Treasury notes continued to increase, adding 3.3% to 1.689%.

While the dollar index rose 0.24% to 93.78, the VIX volatility index, or the fear index, reversed course to shed 3.1% to 15.01.

Oil prices were down as international benchmark Brent crude was trading at $84.77 with a 1.2% loss, and US benchmark West Texas Intermediate was at $82.66 -- a 0.9% decline.

Precious metals were mixed with gold rising 0.05% to $1,783 per ounce but silver was off 0.6% to $24.14.

After hitting an all-time high of $67,000 Wednesday, Bitcoin was trading at $62,580 -- plummeting 5.7%.

The record in S&P 500 comes as investors feel confident about strong earnings from American companies.

Tesla announced record profit and revenue late Wednesday for the third quarter.

Net income jumped 389% to $1.62 billion in July-September this year, the company’s revenue rose 57% to $13.8 billion.

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