The Dow and S&P 500 closed at all-time highs on Friday, extending their recent rallies to four consecutive weeks, amid new business results ending the first week of fall. import.
Investors looked at reports from Morgan Stanley, Bank of New York Mellon, Citizens Financial Group and PNC Financial Services Group.
Transaction benchmarks like?
Dow Jones industrial average
increased 164.68 points to 34,200.67 points, up 0.5%, to close the record.
S&P 500 index
up 15.05 points, or 0.4%, to close at a record 4,185.47.
Nasdaq Composite Index
up 13.58 points, or 0.1%, to end at 14,052.34, the second highest close ever.
On ThursdayThe Dow rose 305.10 points, or 0.9%, to close at 34,035.99, setting a new close and all-time high for the previous day in the session. The S&P 500 plus 45.76 points, reaching 4,170.42, up 1.1%, setting a record, while the Nasdaq Composite Index increased by 180.92 points, or 1.3%, to 14,038.76, ending the same year. up 0.4% from the February 12 closing record.
During the week, the Dow rose 1.2%, while the S&P 500 rose 1.4% and the Nasdaq Composite rose 1.1%. The Dow and S&P 500 recorded the fourth consecutive week of gains, while the Nasdaq rose for the third consecutive week.
What drives the market?
The recovery from the COVID pandemic has been shown in this week’s US economic data incl retail sales and claim weekly unemployment benefitsThis also reflects the huge financial stimulus from Washington and the vaccine rollout. The supporting platform has helped investors to push major stock indices to new heights.
Earnings have also helped fuel optimism about a recovery, as the nation’s largest banks, Goldman Sachs Group
and JPMorgan Chase & Co
has produced promising results for the US economic prospects.
Simeon Hyman, global investment strategist at ProShares, told MarketWatch Friday in a “golden week” Friday phone interview. “There’s no shortage of good news.”
Although investors were concerned about inflation during the economic reopening, Hyman said capacity utilization was a bit “a bit helping” this week as it was “a bit lighter than expected. Yesterday but still open. ” Productivity using increased to 74.4 in March, from 73.4 in February. According to Hyman, the typical cut-off point to drive “notable inflation” is 80.
Hope for further improvement comes as China’s economic growth increased by 18.3% over the same period last year in the first quarter, with retail sales growing 34.2% in the world’s second largest economy. However, some experts note that China’s quarterly GDP growth figures are lower than expected and reflect a slowing rate of improvement.
The macroeconomic data over the next few months will be “extremely messy” as the world has now passed about a year since the initial shutdown during the pandemic, said Jason Vaillancourt, co-head of global asset allocation. bridge at Putnam Investments, warned in an interview with MarketWatch Friday. Instead of a year-to-year comparison, Vaillancourt suggests that investors should look back to 2019 to measure growth compared to the prior COVID period.
“The pandemic was only starting to break out wildly,” he said in late March 2020, he said, as many people started staying at home around that time to avoid spreading the virus.
In the stock markets, Vaillancourt says he currently prefers cyclical betting in areas like discretionary consumption, industry and energy, as well as equities outside of the United States partly because they are relatively cheap. Emerging market areas tend to grow higher and benefit more from a cyclical resurgence, he added.
According to Han Tan, market analyst, “important to investor sentiment is that this economic recovery has no signs of allowing.” at FXTM.
Despite temporarily discontinue use of Johnson & Johnson vaccines is imposed by the Center for Disease Control, The United States has vaccinated about 200 million people with at least one dose, or 40% of the population.
Which companies to focus on?
Shares closed down 2.76% Friday Even after the company reported first quarter profits more than doubled and revenue increased 60%, fueled by the institutional stock trading power. The bank said a single main brokerage client spent nearly $ 1 billion, leading some to believe the bank was affected by the Archegos Capital Management explosion.
Shares of Bank of New York Mellon Corp.
fell 4% on Friday, after the bank reported first-quarter profits and revenue down from a year ago, driven by the impact of low interest rates, but topping expectations.
reported net earnings for the first quarter of $ 1.8 billion or $ 4.10 in earnings per share. Shares rose 2.3% on Friday.
Reported net income for the first quarter of 611 million dollars and EPS of 1.37 dollars. Shares rose 0.3% on Friday.
- Eli Lilly and Co. JUST said friday it is seek to withdraw Emergency use license issued by US regulators for the treatment of bamlanivimab antibodies to COVID-19 alone to complete the transition to bamlanivimab and etesevimab together. Shares closed 1.79% higher on Friday.
- Biomea Fusion Inc. BMEA launched Friday, with the California-based biopharmaceutical company focused on the treatment of genetically determined cancers public output at the highest level of its expected range of $ 17 a share. Shares rose 9.4%.
Shares of DraftKings Inc.
closes almost 1% higher, after it was named in a group of official sports betting partners of the National Football Federation.
How do other assets increase in price?
ICE US Dollar Index
A monetary measure against a basket of six major rivals, down about 0.2% to Friday’s close at 91.54.
The yield on 10-year treasury bonds BX: TMUBMUSD10Y increased by 0.05 to 1.59%. Bond prices move inversely with yields.
Gold futures contracts traded higher for the second day in a row, with June contracts GCM21 $ 13.40 increase, or 0.8%, to handle at $ 1,780.20 / ounce on the Comex, further escalating after hitting a seven-week high.