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US Stocks Climb While Snap Drags On Tech Shares

By BizTech Weekly Oct 21, 2022

Snap parent Snap sank around 30 percent after reporting a $360 million quarterly loss in results that showed that online advertisers are tightening their budgets. Snap results also weighed on shares of Facebook parent Meta, Twitter and Google parent Alphabet. The Dow Jones Industrial Average was up 1.1 percent at 30,655.83. The broad-based S&P 500 gained 0.9 percent to 3,697.71, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 10.658.46. The yield on the 10-year US Treasury note, a proxy for Federal Reserve interest rates, climbed further above four percent. But stocks were boosted by a Wall Street Journal report that said some Fed officials want to slow the pace of rate rises. . . .

Read more at www.barrons.com

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