Dow books record high even as Powell warns on inflation – Fox Business

Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital SolutionsLegal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.
This material may not be published, broadcast, rewritten, or redistributed. ©2021 FOX News Network, LLC. All rights reserved. FAQNew Privacy Policy
CenterSquare Investment Management’s Uma Pattarkine, Main Street Asset Management’s Erin Gibbs and BMO Capital Markets chief strategist Brian Belski on when it’s time to get aggressive with your investments.
The Dow Jones Industrial Average hit a record high Friday, shrugging off Federal Reserve Chairman Jerome Powell's concerns over inflation, while technology shares sagged following disappointing earnings from Intel and Snap. 
The Dow, bolstered by American Express, rose 128 points, or 0.36%, to eke out an all-time high while the S&P 500 index and the Nasdaq Composite index slid 0.11% and 0.82%, respectively.   
FED LAYS OUT NEW TRADING RULES FOR POLICYMAKERS, SENIOR STAFF
Powell, speaking at a Bank for International Settlements conference, said the supply chain bottlenecks that have caused the recent wave of inflation are likely to last "well into next year." He said the Fed could raise rates two times next year in an effort to tame pricing pressures. 
The comments, which pushed stocks into negative territory, weighed heaviest on the technology sector, which was already under pressure after disappointing earnings reports from Intel Corp. and Snap Inc. 
Intel Corp.’s revenue missed Wall Street estimates as the global chip shortage resulted in weaker sales of its processors. The company warned of lower margins for the next several years as it looks to roll out several generations of chipmaking technology by 2025.
Snap shares were sharply lower after quarterly revenue fell short of analysts’ estimates as changes to Apple’s privacy settings had an adverse impact on the social media company’s advertising business. 
The results weighed on other social media companies, including Facebook Inc. and Twitter Inc., as investors feared Apple’s changes may similarly impact their results.  
Elsewhere, Honeywell International Corp. slashed its full-year sales and profit forecasts amid concerns supply chain bottlenecks would pressure its business. Both earnings and revenue for the most recent quarter topped expectations.  
Chipotle Mexican Grill Inc. said higher menu prices boosted same-store sales. The fast-casual restaurant chain has raised prices three times since August 2020 in an effort to offset rising labor, freight and input costs.  
Whirlpool Corp. said supply chain disruptions are likely to persist well into next year and that the supply of dishwashers, refrigerators and other appliances will remain constrained amid a period of strong consumer demand. 
American Express Co. beat on both the top and bottom lines as consumer spending continued to bounce back after the easing of COVID restrictions.
In commodities, West Texas Intermediate crude oil jumped $1.26 to $83.76 a barrel while gold climbed $14.30 to $1,795.50 an ounce. 
Overseas markets were mostly higher after Chinese real estate developer Evergrande made an unexpected interest payment. 
GET FOX BUSINESS ON THE GO BY CLICKING HERE
European bourses rallied across the board with Britain’s FTSE 100 advancing 0.2%, Germany’s DAX 30 adding 0.46% and France’s CAC 40 gaining 0.71%. 
In Asia, Japan’s Nikkei 225 edged up 0.34% and Hong Kong’s Hang Seng index rose 0.42% while China’s Shanghai Composite slipped 0.34%.
Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital SolutionsLegal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.
This material may not be published, broadcast, rewritten, or redistributed. ©2021 FOX News Network, LLC. All rights reserved. FAQNew Privacy Policy

source