• S&P 500, the Nasdaq ends its session down
  • Evergrande avoids default with surprise interest payment
  • U.S. 10-year yields fall

NEW YORK, Oct. 22 (Reuters) – The Dow Jones Industrial Average set a closing record on Friday, and major stock indexes posted a third straight week of gains as the US dollar fell.

On that day, MSCI’s broadest scale of global equities (.MIWD00000PUS) was stable, and the S&P 500 (.SPX) and Nasdaq (.IXIC) ended lower.

Stocks came under pressure after Federal Reserve Chairman Jerome Powell said the US central bank was “on track” to start cutting back on asset purchases. Read more

Intel stock (INTC.O) fell 11.7% and was among the biggest brakes in the S&P 500. On Thursday evening, Intel reported below-expectations sales and said chip shortages were holding back sales of its flagship processors. Read more

American Express Co (AXP.N) stock gained, raising the Dow Jones after the company beat earnings estimates for the fourth consecutive quarter.

Next week will bring reports from several key mega-cap names, including Amazon (AMZN.O). Read more

The dollar cut losses after Powell’s comments, but the dollar index last fell 0.10% to 93.64, and is down from a one-year high at 94, 56 last week. Read more

“There is some loosening in positioning. We have obviously seen a stronger dollar since the September Fed meeting,” said Mazen Issa, senior currency strategist at TD Securities in New York. “It also matches the dollar’s seasonal tendency to ease through the end of the month.”

Investors also digested the news that the China Evergrande Group (3333.HK) appeared to be avoiding the default, with one source claiming to make a last-minute bond coupon payment. Read more

The Dow Jones Industrial Average (.DJI) rose 73.94 points, or 0.21%, to 35,677.02, the S&P 500 (.SPX) lost 4.88 points, or 0.11%, to 4,544.9 and the Nasdaq Composite (.IXIC) lost 125.50 points, or 0.82%, to 15,090.20.

The pan-European STOXX 600 index (.STOXX) rose 0.46% and the gauge of MSCI stocks around the world fell 0.03%.

The MSCI index posted gains for a third consecutive week with the three major US stock indices.

In the US bond market, yields on longer-term US Treasuries have declined.

The 10-year Treasury yield fell 1.6 basis points to 1.659% after hitting a five-month high of 1.7064% on Thursday night.

Oil rose and finished for the week, near multi-year highs. Brent crude futures rose 92 cents to $ 85.53 a barrel and posted their seventh weekly gain. US crude futures gained $ 1.26 to settle at $ 83.76 and rose for the ninth consecutive week. Read more

Spot gold rose 0.6% to $ 1,793.82 an ounce.

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

Additional reporting by Simon Jessop in London, and Karen Brettell, Sinead Carew and Herbert Lash in New York and Kevin Buckland in Tokyo Editing by Hugh Lawson Mark Potter and David Gregorio

Our Standards: The Thomson Reuters Trust Principles.

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