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S&P 500 hits new record as tech earnings lift the market

The S&P 500 index reached a new all-time high on Thursday, closing at 4,837 after rising 0.6%. The index has been on a winning streak for nine days in a row, the longest since 2017. The Dow Jones Industrial Average also gained 0.5% to end at 36,157, while the Nasdaq Composite increased 0.8% to finish at 15,912.
The market was driven by strong earnings reports from several tech giants, including Apple, Amazon, Facebook and Google, which all surpassed analysts' estimates and reported solid revenue growth. The tech companies also announced plans to boost their share buybacks and dividends, showing confidence in their future performance.
The market also ignored some negative economic data, such as a higher-than-expected number of initial jobless claims and a lower-than-expected GDP growth rate for the third quarter. Investors seemed to focus on the positive aspects of the data, which showed that consumer spending and business investment remained strong despite supply chain issues and labor shortages.
The market's strength in the face of challenges indicates that investors are optimistic about the prospects for the economy and corporate profits, as well as the possibility of more fiscal stimulus and monetary policy support from the government and the Federal Reserve. The market may also be expecting a solution to the debt ceiling problem, which has been hanging over the financial markets for weeks.
As the stock market enters the last months of the year, some analysts predict that the rally will continue, supported by solid fundamentals and seasonal factors. However, some risks still exist, such as inflation pressures, geopolitical conflicts, regulatory uncertainties and the spread of the coronavirus variants. Therefore, investors should stay alert and diversified in their portfolios.
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