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Dow and S&P 500 Achieve Record Highs, Extend Longest Winning Streak of the Year


The S&P 500 and Dow Jones Industrial Average reached new record highs on Friday, marking six straight weeks of gains. The S&P 500 rose 0.40% to 5,864.67, while the Dow Jones gained 0.09% to 43,275.91. The Nasdaq Composite, driven by Netflix’s post-earnings rise, also increased by 0.63% to 18,489.55. This was the longest run of weekly gains in 2024 for both the Dow and S&P 500, which closed 0.96% and 0.85% higher, respectively. Netflix surged 11% after beating Wall Street’s earnings and revenue estimates in the third quarter, with a 35% increase in ad-tier memberships. Procter & Gamble also reported better-than-expected earnings, with revenue slightly missing estimates. Over 70 S&P 500 companies have reported earnings this season, with 75% beating expectations. Despite anticipated volatility leading up to the election, stocks may continue to rally through November, according to Rob Williams, chief investment strategist at Sage Advisory. This trend is unusual for an election year, with investors seemingly pricing in a win from Republican nominee and former President Donald Trump, whose policies are seen as business-friendly. Williams suggests that stocks may remain strong leading up to the election and then potentially experience volatility post-election.

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