Stocks finished near record levels in mixed trading Wednesday, boosted by solid corporate earnings and a new record for Bitcoin.
The Dow Jones Industrial Average, which hit its first intraday record since Aug. 16, ended up 152 points, or 0.43%, to 35,609, while the S&P 500 rose 0.37% and the Nasdaq slipped 0.05%.
"We believe that the stock market has more to climb in this bull market and that some of the Covid headwinds are receding even as inflation increasingly becomes a headwind, because many companies continue to have pricing power, which should preserve corporate profits," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
Zaccarelli said the Federal Reserve Bank also released their Beige Book, which is a report detailing issues that corporations throughout the United States are dealing with, as reported by the Fed’s 12 regional banks.
"The Beige Book indicated that employee turnover and inflation are issues across many companies throughout the US," he said. "However, it also indicated that many of those same companies indicated 'a greater ability to pass along cost increases.'"
Meanwhile, Senator Richard Blumenthal called upon Facebook founder and CEO Mark Zuckerberg to testify before the Consumer Protection subcommittee about the impact of Instagram on young people.
Pinterest (PINS) - Get Pinterest, Inc. Class A Report shares surged following a report that suggested the social media site could be a takeover target of online payments group PayPal (PYPL) - Get PayPal Holdings Inc Report.
Bitcoin continued climbing, passing $60,000 for the first time since the spring, as the first Bitcoin futures-based U.S. exchange traded fund hauled in more than $570 million of assets in its first day.
Some analysts say that's a sign that investors remain confident of the viability of the world’s biggest digital currency.
Novavax (NVAX) - Get Novavax, Inc. Report shares tumbled on reports that it's facing delays in the production of its coronavirus vaccine candidate.