Home World News Dow surpassed 34,000, S&P 500 hit a second record high of the...

Dow surpassed 34,000, S&P 500 hit a second record high of the week | Banking news


For the second time this week, the S&P 500 recorded a new best close and the Dow surpassed its previous closing high on April 9.

The Dow Jones industrial average closed above 34,000 for the first time on Thursday as the blue-chip benchmark and the S&P 500 announced new record highs in tech stocks’ rally driven by bond yields. Strong US March retail sales and coupons data.

The 30-stock index closed up 305.10 points, or 0.9%, to 34,035.99. The broader S&P 500 Index – a representation of the health of U.S. retirement and college savings accounts – rose 1.11 percent to close at 4,170.45 while the Nasdaq Composite Index closed the day. transaction 1.31% higher.

For the second time this week, the S&P 500 recorded a new best close and the Dow surpassed its previous closing high on April 9.

Participating with a record high is the information technology sector S&P. Both it and the media services index are covered by major tech names, including Apple Inc, Microsoft Corp, and Facebook Inc.

Tim Murray, capital markets expert at T. Rowe Price Associates said: “Despite the high valuations, you have a lot of confidence that the big tech giants will continue to provide enough cash flow to justify those prices. strategist.

Helping to attract cash for such names is factual, treasury bond yields, after skyrocketing in late March, have fallen as investors increasingly accept the Reserve’s guarantees. Federation on maintaining a consistent monetary policy despite higher inflation.

The standard 10-year Treasury yield fell below 1.6% for the first time since March 25.

Top US banks started their first quarterly reporting season on Wednesday, with Goldman Sachs Group Inc, JPMorgan Chase & Co and Wells Fargo & Co posting bumper results.

Bank of America and Citigroup Inc were also bullish on the economic recovery in their earnings report on Thursday, but both stocks fell.

Randy Frederick, vice president of trading and derivatives at Charles Schwab, said: “Unusually, earnings expectations have improved during the quarter and what tends to change the market is when these numbers much better than expected.

BlackRock Inc, the world’s largest asset management firm, jumped after reporting first-quarter profits up 16%, while PepsiCo Inc climbed higher after forecasting organic revenue growth for the fourth quarter. two.

Further bolstering sentiment, data showed retail sales surged in March as Americans received more pandemic relief checks from the government, while jobless claims fell more than expected. Down to 576,000 last week, down to its lowest level in a year.

“For US stocks, that’s the best of both worlds, because we have 10 years off but we have good economic data. That’s exactly what you want to see, ”said T Rowe’s Murray.

Crypto exchange Coinbase Global Inc bounced back before closing lower, a day after its public launch on the Nasdaq with a short-term value of over $ 100 billion.

AppLovin Corp slumped on its first trading day after its initial public offering valued the game and mobile app company at $ 28.6 billion.



RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments