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US stocks overcome inflation fears but Europe succumbs | Malay Mail

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NEW YORK, Oct 30 — Wall Street ended October’s trading with a flourish yesterday, with all three indices hitting records despite disappointing corporate earnings and more high inflation data, but the enthusiasm was not shared worldwide. After a lackluster start to the day’s trading, the Dow,...

NEW YORK, Oct 30 — Wall Street ended October’s trading with a flourish yesterday, with all three indices hitting records despite disappointing corporate earnings and more high inflation data, but the enthusiasm was not shared worldwide.

“The market has been all over the place,” said Peter Cardillo of Spartan Capital Securities, noting the government also reported an unexpectedly large decline in income and a less surprising increase in spending last month. The dollar rose against its main rivals, gaining one per cent against the euro as speculation mounts that the Federal Reserve will announce next week plans to pull back on its monthly bond purchases.The eurozone economy was so far maintaining its steady recovery from Covid-19 restrictions, growing at 2.2 per cent in the third quarter of the year, according to data released Friday.

 

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