NEW YORK, Oct 21 — The S&P 500 and the Dow climbed on Wednesday with the Dow hitting an intraday record high as investors eyed better than expected third-quarter earnings from US companies.
And while US companies have been citing supply chain problems and higher costs during their earnings calls, investors have been relieved so far that they seem to be able to maintain profit margins by passing on costs to customers, according to Jack Janasiewicz, strategist and portfolio manager at Natixis Investment Managers Solutions.
The Dow Jones Industrial Average rose 152.03 points, or 0.43 per cent, to 35,609.34, the S&P 500 gained 16.56 points, or 0.37 per cent, to 4,536.19 and the Nasdaq Composite dropped 7.41 points, or 0.05 per cent, to 15,121.68. The S&P 500 Value index, which houses economically-sensitive stocks like energy and industrials, closed up 0.9 per cent after hitting a fresh record high.
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