Stock Market Today Stocks End Higher But Snap Spirals Kiplinger Kiplinger is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us.

Stock Market Today Stocks End Higher But Snap Spirals

The stock market finished the week strong on hopes the streak of aggressive Fed rate hikes will end sooner rather than later. (opens in new tab) (opens in new tab) (opens in new tab) Newsletter sign up Newsletter (Image credit: Getty Images) By Karee Venema published 21 October 2022 Stocks closed solidly higher Friday as Wall Street cheered reports the Federal Reserve could consider smaller rate hikes following its November meeting.

10 Best Stocks You've Never Heard Of An early morning article in The Wall Street Journal suggested some Fed officials have been indicating they support slowing down the pace of rate hikes soon in order to allow what they've done thus far (one 0.25% increase followed by three straight 0.75% raises, and expectations for another 0.75% hike at the Nov. 1-2 meeting) to work. This, along with comments from San Francisco Fed President Mary Daly, who said today that "the time is now to start planning for stepping down," gave stocks enough reason to rally. A fresh round of well-received corporate results created another tailwind for stocks, with beermaker Boston Beer (SAM (opens in new tab), +19.7%) and regional bank Huntington Bancshares (HBAN (opens in new tab), +9.5%) among those higher on Q3 beats.

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Profit and prosper with the best of Kiplinger's expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of Kiplinger's expert advice - straight to your e-mail. Sign up Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. Not all earnings reactions were positive, though. Snapchat parent Snap (SNAP (opens in new tab)) plunged 28.1% after reporting its lowest year-over-year revenue growth on record due to slowing ad spending. At the close, the Dow Jones Industrial Average was up 2.5% at 31,082, the S&P 500 Index was 2.4% higher at 3,752, and the Nasdaq Composite jumped 2.3% to 10,859.

What a Stronger Dollar Means for Stocks

What's in store for next week? A busy earnings calendar loaded with Big Tech results. Among the names set to report are Alphabet (GOOGL (opens in new tab)), Amazon.com (AMZN (opens in new tab)) and Apple (AAPL (opens in new tab)). While earnings from those companies that have posted so far have been generally well received, this next batch could give us a bigger hint at how the stronger dollar impacted corporations in Q3.

Why Experts Think Q3 Earnings Could Be Awful "A strong dollar has been a drag for even some unsuspecting companies such as Johnson & Johnson (JNJ (opens in new tab)), Netflix (NFLX (opens in new tab)) and Levi's (LEVI (opens in new tab)), but it will especially be a headwind for multinationals," says Larry Adams, chief investment officer of Raymond James' private client group. "While the degree of the impact depends on the blend of costs versus sales overseas and how much of the currency risk is hedged, a stronger dollar typically impairs earnings." So, what does a stronger dollar mean for investors of these multinational corporations (and others)? Here, we take a closer look.

Hedge Funds' 21 Top Blue-Chip Stocks to Buy Now Explore More Stock Watch Markets Stock Market Today Snap (SNAP) Apple (AAPL) Amazon.com (AMZN) Alphabet/Google (GOOG) Karee VenemaContributing Editor, Kiplinger.comWith over a decade of experience writing about the stock market, Karee Venema is an investing editor and options expert at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis. Latest New Target Stores Will Be Huge The discount retailer will expand its footprint and design with more stores and remodels that will reflect the new concept. By Bob Niedt • Published 11 November 22 Student Loan Forgiveness Blocked For Now Due to Court Ruling For now, a Texas federal court ruling has caused the Biden administration to block new applications for student loan forgiveness. By Kelley R. Taylor • Published 11 November 22 You might also like Kiplinger's Weekly Earnings Calendar (Nov. 14-18) stocks Check out our earnings calendar for the upcoming week. By Karee Venema • Published 11 November 22 Stock Market Today: Stocks Lift Off After Encouraging Inflation Report The major market indexes rallied to their best day in two years after data showed inflation slowed in October. By Karee Venema • Published 10 November 22 Stock Market Today: Stocks Snap Win Streak as Midterm Results Roll In A continued selloff in cryptocurrencies and crypto-related stocks put pressure on the broader market today, too. By Karee Venema • Published 9 November 22 Stock Market Today: Huge Crypto Deal Shakes Up Nasdaq News that crypto exchange Binance will buy its rival sent Bitcoin and several tech stocks into a tailspin. By Karee Venema • Published 8 November 22 Stock Market Today: Stocks Rise Ahead of Midterms The Dow outperformed thanks to a major M&A-related boost for drugstore chain Walgreens Boots Alliance. By Karee Venema • Published 7 November 22 Stock Market Today: Stocks Swing Wildly After October Jobs Data The major indexes ended with their first win of the week thanks to the latest jobs report. By Karee Venema • Published 4 November 22 Stock Market Today: Stocks Fall Again as Fed Hangover Persists The major market indexes notched a fourth straight loss as Powell's rate-hike warning kept investor sentiment in check. By Karee Venema • Published 3 November 22 Stock Market Today: Stocks Post-Fed Pop Reverses After Powell Takes the Mic It was a volatile session on Wall Street as investors parsed over the Fed's latest policy statement and Powell's presser. By Karee Venema • Published 2 November 22 View More ▸ kiplinger About Us (opens in new tab) Terms and Conditions (opens in new tab) Privacy Policy (opens in new tab) Cookie Policy (opens in new tab) Kiplinger is part of Future plc, an international media group and leading digital publisher. Visit our corporate site.
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