Posted on 07/23/21
| News Source: FOX Business
U.S. stock markets rallied to record highs Friday, climbing for a fourth straight session after a rocky start to the week.
The Dow Jones Industrial Average gained 235 points, or 0.68%, to finish above 35,000 for the first time.
The S&P 500 and the Nasdaq Composite, meanwhile, advanced 1.02% and 1.04%, respectively. The major averages ended the week with four straight days of gains after heavy selling on Monday resulted in the Dow's steepest one-day slide since October.
In stocks, Intel CEO Pat Gelsinger told The Wall Street Journal that the global chip shortage could stretch into 2023. The shortage, which was the result of lockdowns aimed at slowing the spread of COVID-19, has snarled auto production and caused supply chain dislocations in other industries, including cell phones and consumer electronics.
In earnings, Dow component American Express Co. reported revenue jumped 33% from a year ago as consumer spending topped pre-pandemic levels. The credit card giant released $866 million of reserves that had been built up to protect against losses during the pandemic.