Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 


SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

S&P 500, Dow climb for third day and close at records

04/09/2021 | 04:27pm EDT
FILE PHOTO: New York Stock Exchange (NYSE) building after the start of Thursday's trading session in New York

(Reuters) -The S&P 500 and the Dow rose on Friday to close at record highs, posting a third straight weekly rise partly on a lift from growth stocks, with a late-day rally building gains ahead of quarterly earnings season next week.

Growth names have found their footing over the past two weeks after being outperformed by value stocks for most of the year. A pullback in the 10-year U.S. Treasury yield from a 14-month high hit in late March encouraged buying in growth.

Data showed U.S. producer prices increased more than expected in March, bringing the largest annual gain in 9-1/2 years.

Many investors now expect higher inflation as vaccine rollouts help the U.S. economy rebound from lockdowns, yet stocks showed little concern as the Federal Reserve has maintained it will allow inflation to overshoot its target.

"This is why all week long (Powell) was jawboning, he made sure everyone understood they were expecting a spike and they are ready for it, it wasn't a surprise," said Ken Polcari, managing partner at Kace Capital Advisors in Jupiter, Florida.

"Which is why the market is not backing off, because he succeeded in jawboning the anxiety and stopped people from getting really panicked about it."

The Dow Jones Industrial Average rose 297.03 points, or 0.89%, to 33,800.6, the S&P 500 gained 31.63 points, or 0.77%, to 4,128.8 and the Nasdaq Composite added 70.88 points, or 0.51%, to 13,900.19.

For the week, the S&P rose 2.71%, the Dow advanced 1.96% and the Nasdaq climbed 3.12%.

The banks kick off first-quarter earnings season next week with Goldman Sachs, JPMorgan and wells Fargo scheduled to report on Wednesday. Analysts expect profits for S&P 500 firms to show a 25% jump from a year earlier, according to Refinitiv IBES data. That would be the strongest performance for the quarter since 2018.

Megacap names such as Apple, Amazon and Microsoft, which are in the growth index, advanced to pace the S&P 500. Amazon shares rose 2.21% as warehouse workers in Alabama rejected an attempt to form a union.

The Russell 1000 growth index, comprised largely of technology stocks, outperformed its value counterpart, made up mostly of cyclical stocks such as financials and energy names, for a second week following the pullback in longer-dated Treasury yields.

Bank of America's weekly fund flow figures showed investors have pumped more money into equities over the past five months than in the last 12 years.

A 3.24% gain in Honeywell helped lift the Dow as Jefferies and J.P. Morgan raised their price targets on the U.S. aero parts maker's shares.

Volume on U.S. exchanges was 8.69 billion shares, compared with the 11.71 billion average for the full session over the last 20 trading days.

(Reporting by Chuck Mikolajczak; Editing by David Gregorio)

By Chuck Mikolajczak

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.79% 124.97 Delayed Quote.-5.82%
DJ INDUSTRIAL 1.29% 34021.45 Delayed Quote.11.97%
HONEYWELL INTERNATIONAL INC. 2.09% 223.68 Delayed Quote.5.16%
JPMORGAN CHASE & CO. 2.57% 161.5 Delayed Quote.27.10%
MICROSOFT CORPORATION 1.69% 243.03 Delayed Quote.7.45%
NASDAQ 100 0.83% 13109.146878 Delayed Quote.3.59%
NASDAQ COMP. 0.72% 13124.988183 Delayed Quote.1.11%
S&P 500 1.22% 4112.5 Delayed Quote.10.54%
THE GOLDMAN SACHS GROUP, INC. 1.24% 358.81 Delayed Quote.36.06%
WELLS FARGO & COMPANY 1.67% 46.4 Delayed Quote.53.74%
All news about DJ INDUSTRIAL
05:47pNew Zealand to Reduce Default Funds for Kiwisaver to Six
05:46pSingtel Expects to Post Losses in Fiscal Year Ended March
05:42pCanadian National Expected to Sweeten Kansas City Southern Bid -- 3rd Update
05:37pAMD Amends Globalfoundries Wafer Supply Agreement
05:17pUtilities Up As Inflation Scare Subsides -- Utilities Roundup
05:15pTech Up As Most Large-Cap Stocks Rebound After Slide -- Tech Roundup
05:11pFinancials Climb As Global Market Volatility Subsides - Financials Roundup
05:09pConsumer Cos Up As Investors Digest Inflation Data -- Consumer Roundup
05:08pHealth Care Up Amid Optimism About Insurer Growth -- Health Care Roundup
05:07pIndustrials Up As Strong Jobs Data Offsets Wholesale Inflation Fears -- Indus..
More news
News of the index components DJ INDUSTRIAL
05:39pWALT DISNEY  : Disney Q2 revenue drops on continued weakness in parks
05:38pDisney Adds Fewer Streaming Subscribers Than Hoped; Revenue Falls Short -- 2n..
04:43pDisney Adds Fewer Streaming Subscribers Than Hoped; Revenue Falls Short -- Up..
04:41pAPPLE  : holds edge in app store trial despite nagging issues
04:38pGOLDMAN SACHS  : First Quarter 2021 Liquidity Coverage Ratio Disclosure
04:31pVERIZON COMMUNICATIONS  : Danaher Announces Appointment of A. Shane Sanders to D..
04:23pINSIDER TRENDS : 90-Day Insider Selling Trend Prolonged at Procter & Gamble
More news
Duration : Period :
DJ Industrial Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends DJ INDUSTRIAL
Short TermMid-TermLong Term
THE HOME DEPOT, INC. 325.42 Delayed Quote.2.66%
THE TRAVELERS COMPANIES 157.76 Delayed Quote.2.61%
JPMORGAN CHASE & CO. 161.5 Delayed Quote.2.57%
3M COMPANY 203.41 Delayed Quote.2.28%
HONEYWELL INTERNATIONAL INC. 223.68 Delayed Quote.2.09%
CHEVRON CORPORATION 106.68 Delayed Quote.-0.64%
Heatmap :