Nasdaq closes at record high amid earnings, data

Wall Street

Wall Street

The Dow Jones was off 6 points, down 0.02% at 22,867 while the S&P 500 lost 2 points at 2,554.17.

The consumer sentiment index, a survey of consumers by the University of MI, jumped to 101.1 in October, far exceeding economists' expectation of 95.

It was the strongest monthly showing since March 2015.

Shares of Bank of America briefly rose more than 1 percent in the premarket after reporting earnings and revenue that topped expectations. Shares of big banks were mixed following reports from Bank of America and Wells Fargo.

The CBOE volatility index remains at historically depressed levels, closing at 9.61 on Friday.

The Nasdaq composite fell 12.04 points, or 0.2%, to 6,591.51 the Russell 2000 index of smaller-company stocks shed 1.76 points, or 0.1%, to 1,505.16.

The Dow Jones eased 31.87 points, down 0.14% at 22,841.02 while the S&P 500 lost 3.4 points at 2,551.84.

A boost in Apple and other technology stocks catapulted all three major Wall Street indexes to record highs on Friday, but a drop in health insurers kept the rally in check. The Nasdaq rose 0.2 per cent for the week, registering a third week of gains.

Winners and Losers: After President Donald Trump announced the government would end subsidies to insurers under the Affordable Care Act, health care stocks took a hit including Tenet Healthcare (down 5.10 percent).

Centene sank 3.3 percent, Molina Healthcare dropped 3.4 percent and Anthem fell 3.1 percent.

Corporate earnings for the S&P 500 have grown 6.1 percent, 15.5 percent and 10.8 percent in the fourth quarter of past year and the first and second quarters of 2017, respectively.

Advancing issues outnumbered declining ones on the NYSE by a 1.43-to-1 ratio; on Nasdaq, a 1.08-to-1 ratio favored decliners.

Analysts at Goldman raised their price target on Netflix shares to $235 from $200 a share, noting: "We believe consensus subscriber estimates for Netflix ahead of Monday's earnings remain too low, particularly for the quarter, 4Q, and beyond".

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