The Dow Jones industrial average registered a record closing high on Friday and major equity indexes posted a third straight week of gains while the US dollar slipped.

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On the day, MSCI's broadest gauge of global shares was flat, and the S&P 500 and Nasdaq ended lower. Stocks came under pressure after Federal Reserve Chair Jerome Powell said the US central bank was "on track" to begin reducing its purchases of assets.

Intel's stock fell 11.7 percent and was among the biggest drags on the S&P 500. Late Thursday, Intel reported sales that missed expectations and pointed to shortages of chips holding back sales of its flagship processors.

American Express Co's stock gained, boosting the Dow after the company beat profit estimates for the fourth straight quarter.

Next week brings reports from several key mega-cap names including Amazon.

The dollar pared losses after Powell's comments, but the dollar index was last down 0.10 percent at 93.64, and is off from a one-year high of 94.56 last week.

Also Read | Jerome Powell says inflation risks rising, but Fed can be 'patient'

"There's a bit of a positioning unwind taking place. We've obviously seen a firmer dollar since the September" Fed meeting, said Mazen Issa, senior FX strategist at TD Securities in New York. "That also dovetails with the seasonal tendency for the dollar to soften into the end of the month."

Investors also digested news that China Evergrande Group appeared to avert default with a source saying it made a last-minute bond coupon payment.

The Dow Jones Industrial Average rose 74 points, or 0.21 percent, to 35,677. The S&P 500 lost 5 points, or 0.11 percent, to 4,545. And the tech-heavy Nasdaq Composite dropped 125 points, or 0.82 percent to 15,090.20.

The pan-European STOXX 600 index rose 0.46 percent and MSCI's gauge of stocks across the globe shed 0.03 percent.

The MSCI index posted gains for a third straight week along with the three major US stock indexes.

In the US bond market, yields on longer-dated US Treasuries slid.

The yield on 10-year Treasury notes was down 1.6 basis points to 1.659 percent after rising to a five-month high of 1.7064 percent late Thursday.

Oil rose and ended up for the week, near multi-year highs. Brent crude futures rose 92 cents to settle at $85.53 a barrel, and registered its seventh weekly gain. US crude futures gained $1.26, to settle at $83.76, and rose for a ninth straight week.

Spot gold was up 0.6 percent at $1,793.82 per ounce.

Among cryptocurrencies, bitcoin last fell 2.21 percent to $60,841.96.

Also Read | MPC Minutes: RBI remains laser-focused to bring back inflation to 4%, says Shaktikanta Das

(Edited by : Yashi Gupta)

First Published:Oct 23, 2021 8:39 AM IST