Dow Jones reaches record high amid market recovery

The Dow Jones Industrial Average reached a record close on Wednesday, rebounding from a sell-off in the previous session.

The blue-chip index gained 337.28 points, or 0.79 per cent, finishing at 43,077.70. The S&P 500 rose 0.47 per cent to 5,842.47, while the Nasdaq Composite increased by 0.28 per cent, closing at 18,367.08.

Both the Dow and S&P 500 slipped from their recent highs on Tuesday, each falling more than 0.7 per cent. The Nasdaq Composite experienced a 1 per cent decline.

Examining the S&P 500 sectors, most ended the day in positive territory. Utilities led the pack, rising 2.03 per cent, while communication services trailed, declining by 0.37 per cent.

The reporting period has begun on a strong note. Approximately 50 S&P 500 companies have released their third-quarter earnings so far, with 79 per cent surpassing expectations, according to FactSet data.

In company news, Novavax shares plummeted over 19 per cent after the biotech firm announced that the U.S. Food and Drug Administration had placed a clinical hold on its application for a combination Covid and influenza vaccine, as well as a standalone flu vaccine.

United Airlines saw its stock soar more than 12 per cent following an earnings and revenue beat for the third quarter, along with a positive outlook for the fourth quarter. Additionally, United announced a $1.5 billion share buyback, its first since before the Covid-19 pandemic.

Morgan Stanley's shares jumped 6.5 per cent after the bank reported quarterly results that exceeded Wall Street’s expectations, driven by higher profits in its wealth management, trading, and investment banking divisions. The firm posted earnings of $1.88 per share, above the $1.58 forecasted by an LSEG analyst poll, with revenue at $15.38 billion compared to the consensus estimate of $14.41 billion.

Turning to the local market, SPI futures are pointing to a gain of 0.7 per cent.

Futures

The SPI futures are pointing to a 0.7 per cent gain.

Currency

One Australian dollar at 7.35am was buying 66.66 US cents.

Commodities

Gold added 0.42 per cent. Silver gained 0.42 per cent. Copper rose 0.66 per cent. Oil added 0.11 per cent.

Figures around the globe

European markets closed mixed. London’s FTSE added 0.97 per cent, Frankfurt lost 0.27 per cent, and Paris fell 0.40 per cent.

Turning to Asian markets, Tokyo’s Nikkei lost 1.83 per cent , while Hong Kong’s Hang Seng fell 0.16 per cent and China’s Shanghai Composite added 0.05 per cent.

Yesterday, the Australian share market closed 0.40 per cent lower at 8285

Ex-dividends
Cosol Limited (ASX:COS) is paying 1.39 cents fully franked
K & S Corporation (ASX:KSC) is paying 8 cents fully franked
Future Generation (ASX:FGG) is paying 3.7 cents fully franked
Gowing Bros. Limited (ASX:GOW) is paying 3.45 cents fully franked

Dividends payable

Flight Centre Travel Group Ltd (ASX:FLT)
Lovisa Holdings Ltd (ASX:LOV)
Nick Scali Ltd (ASX:NCK)
Ramelius Resources Ltd (ASX:RMS)
Sigma Healthcare Ltd (ASX:SIG)
South32 Ltd (ASX:S32)
Super Retail Group Ltd (ASX:SUL)
Tasmea Ltd (ASX:TEA)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap, Marketech.

Disclaimer

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