US stock markets close week with gains

ISTANBUL

The New York Stock Exchange ended the week's last transaction day with gains, with positive results from corporate balance sheets.

The Dow gained 0.09%, or 40.75 points, to close at 47,562.87.

The Nasdaq increased 0.61%, or 143.81 points, to close at 23,724.96, while the S&P 500 earned 0.26%, or 17.86 points, to 6,840.20.

The Volatility Index (VIX), also known as the "fear index," rose 3.13% to 17.44.

Amazon's net sales rose 13% in the third quarter of this year compared to the same period last year, while net profits climbed by about 39%.

Following the announcement of the revenue and profit figures, which exceeded expectations, Amazon's shares gained nearly 10% in value.

Net sales for Apple, another US tech giant, also rose 8% in July-September, while net profits rose 86%.

In addition, Netflix shares ascended by about 3% after an announcement Thursday that it would split its shares 10-for-one.

Shares of US energy company Chevron, which reported stronger-than-expected financial results despite lower profits, also gained about 3%.

US President Donald Trump said he would lift some tariffs on Chinese imports if Beijing took effective measures to curb fentanyl trafficking.

On the continued US federal shutdown, Trump redoubled his criticism of congressional Democrats, whom he accused of incompetence.

While statements from Fed officials were also being monitored, Kansas City Fed President Jeffrey Schmid said he opposed this week’s interest rate cut due to concerns over inflation.

Dallas Fed President Lorie Logan, who does not have voting rights on the Federal Open Market Committee (FOMC) this year, also noted that the labor market was only cooling slowly and that inflation remains too high, arguing that the current economic outlook did not warrant a rate cut.

Cleveland Fed President Beth Hammack also noted that she did not participate in this week's rate cut decision, stating that the Fed should maintain some restrictions to bring down inflation.

Atlanta Fed President Raphael Bostic, however, supported the cut, saying that even after rates were lowered, US monetary policy still remained in restrictive.