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Wall Street: Dow Jones and S&P 500 closed at record highs but Facebook capped gains

What happened is that Mark Zukerberg’s company affected the performance of both the S&P 500 and the Nasdaq. The company had previously warned that Apple Inc.’s new privacy changes will weigh on its digital business.

“Facebook has other problems, certainly the earnings report was not that stellar,” said Ken Polcari, managing partner at Kace Capital Advisors in Boca Raton, Florida, adding: “Then the questions accumulate with the whistleblower: what they knew, what they did not know, how they positioned themselves to benefit themselves, even with risks to children and people who use the platform. That is going to be a kind of drag. “.

The benchmark S&P 500 index hit a new high driven by large-cap stocks. Nvidia Corp advanced to a record, while Amazon.com Inc and Apple also rose. Support also came from an advance from United Parcel Service Inc and a rise from General Electric Co after its quarterly results.

S&P 500 corporate earnings are expected to grow 35.6% year-over-year in the third quarter. Despite this, market operators assess how companies are circumventing supply chain bottlenecks, labor shortages and inflationary pressures.

“(The market) is getting tired. They were ahead of the earnings because everyone expects them to be good and solid, and they are … but the market seems to me now tired and very up,” said Polcari.

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