NEW YORK, Oct 23 — The Dow Jones industrial average registered a record closing high yesterday and major equity indexes posted a third straight week of gains while the US dollar slipped.Stocks came under pressure after Federal Reserve Chair Jerome Powell said the US central bank was “on track” to begin reducing its purchases of assets.
American Express Co’s stock gained, boosting the Dow after the company beat profit estimates for the fourth straight quarter.The dollar pared losses after Powell’s comments, but the dollar index was last down 0.10 per cent at 93.64, and is off from a one-year high of 94.56 last week. Investors also digested news that China Evergrande Group appeared to avert default with a source saying it made a last-minute bond coupon payment.
The pan-European STOXX 600 index rose 0.46 per cent and MSCI’s gauge of stocks across the globe shed 0.03 per cent.In the US bond market, yields on longer-dated US Treasuries slid.