Bank Earnings Boost Dow, Nasdaq Slumps: Stock Market Update
The stock market ended the week with mixed results as big US banks reported upbeat profits, while concerns over the conflict in the Middle East kept investors cautious. The Dow Jones Industrial Average closed slightly higher, while the S&P 500 and Nasdaq Composite both declined. JPMorgan and Wells Fargo kicked off earnings season with better-than-expected profits, signaling the banks' resilience amid higher interest rates. Inflation concerns weighed on consumer sentiment, with the University of Michigan Consumer Sentiment Index dropping in October. Microsoft completed its $69 billion acquisition of Activision Blizzard, becoming the third-largest video game company in the world.