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Bob Carey
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  US Stock Markets Ended Oct. 25, 2019
Posted Under: Weekly Market Commentary
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The S&P 500 closed near a record high on Friday after news of a positive phone call between Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He temporarily lifted the index into record territory. Technology stocks led the index on Friday after positive news from Intel Corp and Apple Inc. hit an all-time high. Amazon.com Inc reported much lower than expected earnings while staying upbeat on the future of the company. On the West Coast, California wildfires have triggered a state of emergency. Utility company PG&E has announced plans to cut electricity to 850,000 customers in the affected areas as ferocious winds have increased the risk of electrical fires. Back in the Midwest, General Motors employees ratified the labor agreement that was reached with the United Auto Workers. The latest GM strike has cost the company almost $2 billion dollars. According to insiders, after the GM agreement was finalized, the UAW now has its sights set on Ford Motor Co. Social media stocks were closely watched this week as both Facebook and Twitter had price moving headlines. On Wednesday, Facebook CEO Mark Zuckerburg was on Capitol Hill to discuss his company's involvement with a proposed cryptocurrency named Libra. The exchange quickly veered into other criticisms of the platform focusing much of the conversation around political and government influence. The next day, Twitter announced its third-quarter results and fourth-quarter outlook. Both measures disappointed investors and the stock dropped over 20% to close out the week. Looking ahead to next week, the strength of the consumer will be in focus as wholesale and retail inventories are released on Monday with home sales and mortgage applications coming on Tuesday and Wednesday.
Posted on Monday, October 28, 2019 @ 8:13 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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