Dow, S&P Soar to New Record
U.S. stocks rose again on Friday as the market’s rally to records carried on amid strong earnings from blue-chip companies as well as solid data signaling a snapback in the economy.
The Dow Jones Industrials jumped 164.68 points to close Friday at 34,200.67,
The S&P 500 added 15.05 points to 4,177.52, to hit another fresh high.
S&P 500’s strong performance in recent weeks has pushed its year-to-date gains to more than 11%. Cyclical sectors have been the biggest
winners this year with energy and financials leading the rally.
The NASDAQ Composite restored 13.58 points, to 14,052.34.
Wall Street wrapped up another winning week with the three major benchmarks all gaining more than 1%. The S&P 500 and the Dow posted their fourth straight positive week, while the tech-heavy NASDAQ has registered gains for three weeks in a row.
The last of the six largest U.S. banks to report– Morgan Stanley — posted stronger-than-expected earnings, bolstered by strong trading and investment banking results. Shares of the bank dipped 2.8%, trimming its year-to-date gains to about 14%.
PNC Financial gained more than 2% after the bank beat estimates on the top and bottom lines for its first-quarter report
Investor sentiment was boosted by a slew of economic data this week that pointed to a rebound in consumer spending, sentiment and the jobs market.
The University of Michigan said Friday its preliminary consumer sentiment index rose to a one-year high of 86.5 in the first half of this month from 84.9 in March.
Retail sales jumped 9.8% in March as additional stimulus sent consumer spending soaring, topping the Dow Jones estimate of a 6.1% gain.
Meanwhile, the U.S. Labor Department reported 576,000 first-time filings for unemployment insurance for the week ended April 10, reaching the lowest level since March 2020.
Prices for 10-Year Treasurys leaned lower, raising yields to 1.60% from Thursday’s 1.57%. Treasury prices and yields move in opposite directions.
Oil prices fell 35 cents to $63.11 U.S. a barrel.
Gold prices improved $9.70 to $1,776.50 U.S. an ounce.