News

SP 500, Dow Climb for Third Day and Close at Records

0

April 9 Reuters The SP 500 and the Dow rose on Friday to close at record highs, posting a third straight weekly rise partly on lift from growth stocks, with a lateday 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 10year U.S. Treasury yield from a 14month 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 912 years.

Many investors now expect higher inflation as vaccine rollouts help the U.S. economy rebound from coronavirusfueled 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 wasnt 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.

Unofficially, the Dow Jones Industrial Average rose 299.21 points, or 0.89, to 33,802.78, the SP 500 gained 31.58 points, or 0.77, to 4,128.75 and the Nasdaq Composite added 70.88 points, or 0.51, to 13,900.19.

The banks will kick off firstquarter earnings season…

AUD Eases amid Disappointing Vaccine Rollout, NZD Unchanged

Previous article

GBP Down, CAD Up; EU Retail Sales

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News