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.
- Roku (NASDAQ: ROKU) up 12.6%
- Trade Desk (NASDAQ: TTD) up 9.5%
- Facebook (NASDAQ: FB) up 5.3%
- Alphabet (NASDAQ: GOOGL) up 3.6%
- Oracle (NYSE: ORCL) down 3.3%
- JD.com (NASDAQ: JD) down 4.8%
- Intel (NASDAQ: INTC) down 5.3%
- NetEase (NASDAQ: NTES) down 8.0%
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.