Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Wall Street gains on economic optimism

07/29/2021 | 06:11pm EDT

U.S. stocks rallied across the board as a solid earnings season and upbeat economic data fueled optimism about the economy's recovery.

The Dow gained 153 points. The S&P 500 rose 18. The Nasdaq jumped 15.

After the closing bell, Amazon posted second-quarter sales of $113 billion compared to the $115 billion predicted by analysts, a rare sales miss. And its third-quarter sales outlook came in in way below forecasts. Amazon is seeing increased competition from Walmart and Target. Profits, however, beat expectations.

One of the most highly anticipated market debuts of the year turned out to be a dud. Shares of Robinhood fell in their market debut, tumbling more than 8 percent on concerns about the controversial trading app's business model.

On the economic front: the U.S. economy grew at a 6-1/2 percent annualized rate in the March to June period. Second-quarter gross domestic product, or GDP, did come in lighter than expected due to supply disruptions.

But David Dietze, senior portfolio strategist at Peapack Private Wealth Management, said there was still much to like about this number.

"Here's what I liked about it, first of all, is you look at that consumer expenditure metric that was actually up close to 12, higher than had been expected. And remember the consumer, 70 percent of the U.S. economy. So the consumer is out there alive and kicking well, and spending."

Investors also say the number wasn't hot enough to change the view that the Fed is on hold from withdrawing its extraordinary assistance to the economy.

In other economic data: new claims for unemployment benefits came down last week to 400,000.

And pending home sales, which measure signed contracts for home purchases, dipped in June - led by big declines in the South and the West.


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.51% 0.7258 Delayed Quote.-6.01%
BRITISH POUND / US DOLLAR (GBP/USD) -0.37% 1.36698 Delayed Quote.-0.42%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.01% 0.7897 Delayed Quote.-0.40%
EURO / US DOLLAR (EUR/USD) -0.18% 1.1718 Delayed Quote.-4.31%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.01% 0.013548 Delayed Quote.-1.13%
NASDAQ COMP. -0.03% 15047.699032 Real-time Quote.15.58%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.73% 0.7012 Delayed Quote.-2.64%
ROBINHOOD MARKETS, INC. -2.24% 44.91 Delayed Quote.0.00%
S&P 500 0.15% 4455.48 Delayed Quote.17.03%
WALMART INC. 0.28% 143.17 Delayed Quote.-0.96%
Latest news "Economy & Forex"
05:48pômy life has been turned upside down, it was a disruptive time for me,ö huawei cfo meng wanzhou says after canada court ends her extradition hearing
RE
05:48p"every cloud has a silver lining... i will never forget all the good wishes i recieved from people around the world," meng says after being discharged
RE
05:37pCuba starts to reopen economy as COVID-19 vaccine campaign races ahead
RE
05:36pCanadian court discharges Huawei CFO Meng Wanzhou as U.S. extradition case ends
RE
05:36pCanada justice ministry says meng wanzhou is free to leave canada
RE
05:36pThe WSJ Dollar Index Rises 0.12% to 87.90 -- Data Talk
DJ
05:36pEuro Lost 0.05% to $1.1721 -- Data Talk
DJ
05:36pSterling Lost 0.45% to $1.3676 -- Data Talk
DJ
05:36pDollar Gains 0.68% to 110.74 Yen -- Data Talk
DJ
05:30pUtilities Up As Traders Hedge On Treasury Yield View -- Utilities Roundup
DJ
Latest news "Economy & Forex"