Nasdaq Closes October on Record High after Tech Sector Rallies

Published By : 01 Nov 2017 | Published By : QYRESEARCH

Nasdaq has ended October on another record, with the end of the month also proving good for the rest of Wall Street, which closed with session highs. The Nasdaq was fed by the tech sector rally in the last few days, as chip makers Intel Corp., Taiwan Semiconductor Manufacturing Co. Ltd., Broadcom Ltd., and Micron Technology Inc. all saw strong rises to end the month. This enabled the Nasdaq to gain 0.43% on October 31, beating last Friday’s record high. October saw the Nasdaq make a solid gain of 3.6%, indicating its best monthly performance since February. This comes on the peak of a run of four consecutive months of gains.

Qualcomm Inc. was the only major chipmaker to miss out on the October end rush in the Nasdaq, with the company’s stock falling 7% on Wednesday following reports of Apple dumping the company’s hardware components in their next iPhone design lineup. Issues concerning royalty payments have marred Apple’s dealings with Qualcomm, with the smartphone giant set to opt for Intel or MediaTek as the chipmaker for its next line of iPhones.

In consumer staples, shares of Kellogg Co. and Mondelez International Inc. exhibited growth to drive the sector. Kraft Heinz Co., Campbell Soup Co., and General Mills Inc. also ended October on a high, enabling the consumer staples select sector to rise 0.84%.

The solid results are expected by industry analysts to continue into November on the back of a strong economic landscape and a weakening U.S. dollar.

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