The S&P 500 and the Dow hit record highs on Friday after Morgan Stanley ended quarterly earnings reports from major U.S. banks with rising profits, while optimism about a solid economic rebound set the key indexes for weekly earnings.
Nine of the 11 S&P indices traded higher, and only the communication services (.SPLRCL) and information technology (.SPLRCT) indices fell after surpassing the results of the previous session.
Wall Street’s top three indices have bounced back this month as optimistic economic data, a solid start to the first quarter corporate earnings season and the Federal Reserve’s commitment to keep interest rates low despite rising interest rates. demand inflation, especially for technology-rich value stocks.
Morgan Stanley (MS.N) reported a 150% jump in quarterly earnings on Friday, joining JPMorgan Chase & Co (JPM.N), Goldman Sachs Group Inc (GS.N) and Bank of America (BAC.N). ) to bolster hopes for a speedy economic recovery.
Still, investment bank shares fell 1.2%, as it also revealed a loss of nearly $ 1 billion from the collapse of the private fund Archegos. Read more
Shares of JPMorgan, Goldman Sachs, Bank of America, Citigroup Inc (CN) and Wells Fargo and Co (WFC.N) rose to 1.6%.
“So far, the financial sector has reported very strong gains and that could be key to this profit season,” said Peter Cardillo, chief economist at Spartan Capital Securities in New York.
“There seems to be a new burst of excitement, also because we have a decline in (good) returns. It’s certainly useful in terms of risk.”
Global equities also hit record highs, as China’s GDP grew to 18.3% in the first quarter. A separate set of figures showed on Thursday that retail sales in the US rose to a ten-month high in March and that weekly unemployment claims fell during the week ended April 10th. Read more
The benchmark S&P 500 (.SPX) and Dow blue-chip (.DJI) are up for their fourth consecutive week of earnings, while the Nasdaq (.IXIC), with a lot of technology, is roughly a percentage below its all-time high.
At 9:54 am ET, the Dow Jones Industrial Average (.DJI) rose 97.72 points, or 0.29%, to 34,133.71, the S&P 500 (.SPX) rose 2.95 points, or 0.07%, to 4,173.37, and the Nasdaq Composite (.IXIC) fell 47.05 points, or 0.34%, to 13,991.71.
The great technicians of Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Tesla Inc (TSLA.O) Microsoft Corp (MSFT.O), who led the recovery of Wall Street last year of the shock caused by the coronavirus, fell between 0.4% and 1.5%.
Bitcoin-related stocks, including Riot Blockchain (RIOT.O) and Digital Marathon (MARA.O), fell 9% after Turkey banned the use of cryptocurrencies and cryptocurrency assets to buy goods and services. Read more
Advanced emissions outperformed declines by 1.32 to 1 on the NYSE, while declining emissions outpaced outperformers by 1.57 to 1 on the Nasdaq.
The S&P index recorded 136 new 52-week highs and no new lows, while the Nasdaq recorded 121 new highs and 64 new lows.
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