Major indices advance for the week
The major US stock indices are ending the day higher. All three are closing at record levels.
- S&P index ends up eight points or 0.31% at 2587.85
- NASDAQ composite index ends up 49.49 points or 0.74% at 6764.43
- Dow industrial average ends up 22.67 points or 0.10% at 23538.86.
For the week, the major indices closed higher:
- S&P index rose by 0.26%
- NASDAQ composite index rose by 0.94%
- Dow industrial average rose by 0.45%
For the year to date, the NASDAQ composite index continues to lead the way:
- S&P index up 15.59%
- NASDAQ composite index up 25.66%
- Dow industrial average of 19.11%
There was talk later in the day that chipmakers Broadcom would purchase QUALCOMM. QUALCOMM is ending the day up 12.71%. Broadcom is ending the day up 5.45%. Intel, perhaps was hurt on the news, fell -1.61% on the day. However, it also was the biggest contributor to the Dow in October with a 20% gain.
Apple ended the day up 2.61%. I believe that is just short of a market cap of 900 billion. Apple earnings and revenues beat expectations after the close yesterday. They also project higher-than-expected revenues in the fourth quarter.
Bank stocks were lower as a result of lower yields. J.P. Morgan fell -0.18% while Citigroup fell -0.92%.
