[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the U.S. New York stock market all soared to record highs. Despite persistently high U.S. consumer inflation and weak earnings from big tech companies, investor sentiment remained positive.
On the 29th (local time), the Dow Jones Industrial Average rose 89.08 points (0.25%) to close at 35,819.56, the S&P 500 index increased 8.96 points (0.19%) to 4,605.38, and the Nasdaq index gained 50.27 points (0.33%) to finish at 15,498.39, all marking record highs.
The monthly gains were 5.8% for the Dow, 6.9% for the S&P 500, and 7.3% for the Nasdaq. The Nasdaq recorded its largest monthly increase in 11 months since November last year.
The highlight of the day’s market was the market capitalization reversal between Microsoft and Apple. Microsoft rose 2.2% to a market cap of $2.49 trillion, surpassing Apple, which fell 1.8% to $2.458 trillion, to become the company with the largest market capitalization.
Microsoft has shown strength following its earnings announcement, while Apple’s earnings released the previous day fell short of expectations, allowing Microsoft to overtake it.
Amazon also declined 2.1%, reflecting weak earnings.
So far, about half of the S&P 500 companies have reported earnings, with over 80% exceeding expectations. S&P 500 corporate profits are expected to increase by 38.6% year-over-year, easing concerns about earnings slowdown due to rising inflation.
The September Personal Consumption Expenditures (PCE) price index released that day rose 4.4% compared to the same period last year, continuing its high trajectory. Personal consumption in September increased 0.6% from the previous month, but personal income during the same period decreased by 1.0%.
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