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Tech stocks dominate as US markets hit triple record

The Dow Jones hit 35,000 points for the first time and all benchmarks finished the week at record levels as earnings season continues to surprise.

The Dow Jones added 0.7% on Friday and 1.1% for the week, with both the S&P 500 and Nasdaq jumping 1% in the same session.

Monday’s sell-off saw the uber bears come back into focus, making the early call for another correction, but long-term investors continue to look at earnings performance, with 87% of companies beating expectations thus far.

Snapchat on fire, Twitter beats expectations

Over the week, each of the tech and consumer sectors jumped over 3%, buoyed by Snap (NYSE: SNAP) and Twitter (NYSE: TWTR).

Snapchat saw revenue double while Twitter delivered 74% growth as advertising and monthly users beat expectations. Snapchat now has over 293 million average daily users, with shares finishing 24% higher on Friday.

American Express on song

American Express (NYSE: AXP), a proxy for the health of the domestic consumer, jumped more than 1% after confirming travel and entertainment spending in the US was around 98% of pre-pandemic levels.

This saw revenue jump around 50% and net profit move over US$2.3 billion as bad debt reserves were reversed.

US stock market movers

Here’s how other popular US stocks closed out the week on Friday.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow US benchmarks higher when the market opens on Monday. For all the latest, check out Rask Media’s ASX 200 morning report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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Disclosure: At the time of publishing, Drew owns shares in Trade Desk.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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