S&P 500 slips from record as earnings season rally loses some steam
The S&P 500 fell from a record high on Wednesday as the momentum from a strong earnings season started to fade.
The Dow Jones Industrial Average dipped 266.19 points to 35,490.69, falling for the first time in four days, dragged down by Visa.
The S&P 500 traded down 0.5% to 4,551.68, for its first down day in three.
The tech-heavy Nasdaq Composite closed at 15,235.84, flat despite a jump in Microsoft and Alphabet shares.
Microsoft shares jumped 4.2% after the tech company reported earnings that exceeded analysts’ estimates and the fastest revenue growth since 2018. Google-parent Alphabet also popped 4.9% following a stronger-than-expected quarterly report.
Banks power European stocks to record highs after stellar October
European stocks finished at record highs on Monday, carrying over momentum from October’s gains on the back of strong earnings and as expectations of interest rate hikes supported bank stocks.
The pan-European STOXX 600 closed up 0.7% at a record high of 478.87 points, boosted by a 1.4% jump in bank stocks, as euro zone bond yields surged on expectations of rate hikes by the European Central Bank (ECB) next year.
The bank sector touched its highest level in more than two years, and was the best performer for the day.
FTSE 100 hits highest close in 20 months; Barclays slides as CEO steps down
London's FTSE 100 index marked its highest close in 20 months on Monday, aided by gains in most bank stocks and a weaker pound, while shares of British bank Barclays slipped after its chief executive officer stepped down.
The FTSE 100 index (.FTSE) rose 0.8% to record its highest close since February 2020, with banks Standard Chartered (STAN.L) and Lloyds Banking Group (LLOY.L) among the top boosts.
Reference: CNBC, Reuters
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