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Stock Market

2 Nov 2021

Dow Jones Reaches New Record after Briefly Hitting 36000

The Index Today

The Dow Jones Industrial Average crossed 36000 and hit 36009.74 for the first time ever after the opening bell. By the end of the day, it showed an increase of 94.28 points and fell back to 35913.84.

On the other hand, the S&P 500 jumped 8.29 points whereas the Nasdaq Composite moved forward 97.53 points, concluding its sixth consecutive win. Earnings reports from companies have pointed towards stable and growing customer demand which has eased tensions regarding global supply chain issues and rising inflation.

Moderna reported a decline in shares by 2.3% after the FDA continued to delay covid vaccine authorization for adolescents. Rivals such as Novavax reported a jump in shares by 16% after receiving authorization from Canada’s health regulator.

In other related news, the Fed meeting will hint on upcoming interest hikes and tapering. The policy-setting committee will hold a two-day meeting to determine future course for both issues. Seema Shah, chief strategist at Principle Global Investors said, “The market has become very concerned that inflation is a far bigger concern than central banks were letting on in the middle of the year and they’re entering an inflation-fighting zone. We need to hear clarity about what the Fed is intending.”

Newly issued data has revealed factory output remained strong for the month of October despite worries of supply chain crunches and raw material shortage. In other parts of the world, the Stoxx Europe showed an increase of 0.7%. Barclays reported a fall in shares by 0.7% after its CEO resigned amid pressure from regulatory authorities.

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