Investment Updates
S&P 500 Closed Friday At Record High Again On Strong Earnings Reports
Published Friday, October 29, 2021 at: 7:19 PM EDT
Despite some bad economic news this past week, the Standard & Poor’s 500 stock index closed today at a record high on stronger-than-expected earnings reports.
This past week, a sluggish 2% growth rate was reported for the third quarter by the U.S. Bureau of Economic Analysis. Amazon’s reported lower than expected earnings, and the Federal Reserve raised its estimate of the current inflation rate. Yet investors focused on the good news on corporate earnings and appear to agree with the Fed’s prediction that the elevated inflation rate will revert to 2% by the end of 2022.
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