Friday 29 October 2021

S&P 500 hits another record high

Markets were mostly higher on Thursday.

The S&P 500 rose 1.0 percent to a record high while the STOXX Europe 600 rose 0.2 percent. However, the Nikkei 225 fell 1.0 percent.

US investors shrugged off a report on Thursday showing that the economy grew at an annualised rate of 2.0 percent in the third quarter, below the 2.8 percent expected.

“Earnings have helped and a reminder that US reporting so far has been better than the long-term average in terms of beats,” Jim Reid, head of thematic research at Deutsche Bank, said in a note.

Elsewhere, the European Central Bank and the Bank of Japan left interest rates unchanged at their monetary policy meetings on Thursday.

“While the current phase of higher inflation will last longer than originally expected, we expect inflation to decline in the course of next year,” ECB President Christine Lagarde said at a press conference after its meeting.

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