Stocks rallied on Friday, with the Dow Jones Industrial Average rising over 179 points, the Nasdaq jumping over 1% and the S&P 500 gaining about 0.7%. However, benchmarks each posted their first losing week in six amid growing inflation fears.
For the week, the Nasdaq was the underperformer, falling about 0.7%, while the Dow slipped 0.6% and the S&P 500 dipped 0.3% lower.
Here's how the market settled to close out the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Johnson & Johnson to split into two companies:
Johnson & Johnson
The company said it hopes to complete the transaction within 24 months, with the pharmaceutical and medical device division retaining the name Johnson & Johnson under the company's incoming CEO Joaquin Duato.
"Following a comprehensive review, the board and management team believe that the planned separation of the consumer health business is the best way to accelerate our efforts to serve patients, consumers, and healthcare professionals, create opportunities for our talented global tem, drive profitable growth, and--most importantly--improve healthcare outcomes for people around the world," outgoing CEO Alex Gorsky said in a press statement.
Consumer confidence unexpectedly falls in early November:
U.S. consumer sentiment unexpectedly dropped in early November as Americans began to grow increasingly concerned about rising prices and overall inflationary pressures.
The University of Michigan's preliminary reading of the Surveys of Consumers monthly print decreased to 66.8 from 71.1 in October, according to data released on Friday, which was well below the 72.5 rise expected by consensus economists.
"Consumer sentiment fell in early November to its lowest level in a decade due to an escalating inflation rate and the growing belief among consumers that no effective policies have yet been developed to reduce the damage from surging inflation," said Richard Curtin, chief economist for Surveys of Consumers, in a press statement. "One-in-four consumers cited inflationary reductions in their living standards in November, with lower income and older consumers voicing the greatest impact."
"Rising prices for homes, vehicles, and durables were reported more frequently than any other time in more than half a century," he added. "The reactions of consumers to surging inflation should be no surprise, as it has been reported during the past several months."
Job openings fall lower in September, still above pre-pandemic levels:
U.S. job openings slipped lower in September, according to the Labor Department's monthly Job Openings and Labor Turnover Survey (JOLTS) report published Friday. However, openings remained will above pre-pandemic levels as employers continue to struggle filling positions.
Job openings fell to 10.4 million on the last day of September, down from an upwardly revised total of 10.6 million in August. Consensus economists had expected the month's openings to total 10.3 million, according to a Reuters poll. Quits increased by 164,000 to 4.4 million, which was a record high for the survey.
Here's how market benchmarks started trading soon after open:
S&P 500 Index: +0.09% or +4.38 points to 4,653.65
Dow Jones Industrial Average: +0.15% or +53.74 points to 35,974.97
Nasdaq Composite Index: +0.15% or +23.62 points to 15,727.90
