Wall Street soars to record closing price due to earnings and economic recovery Reuters

© Reuters. File photo: On July 19, 2021, street signs on Wall Street can be seen outside the New York Stock Exchange (NYSE) in New York City, USA. REUTERS/Andrew Kelly

Author: Stephen Culp

New York (Reuters)-Wall Street rose on Friday for the fourth consecutive trading day, continuing the rally that pushed the three major U.S. stock indexes to a new closing high. Optimistic earnings and signs of economic recovery stimulated investor risk appetite.

The Dow Jones Index closed above 35,000 for the first time in history.

Chris Zaccarelli, Chief Investment Officer of the Charlotte Alliance of Independent Advisors, said: “We have seen the continuation of the past few days. It’s like a roller coaster. We fell first, and since then we have been climbing to the top. Carolina.

As market participants weighed the surge of COVID-19 Delta variants with strong corporate performance and signs of economic recovery, growth and value stocks fluctuated for most of the week.

“There are pushes and pulls, there is clearly a conflict in the market,” Zacarelli added. “There are big differences of opinion on whether the future is bright or there are dark clouds on the horizon.”

Market participants are now looking ahead to the Fed’s two-day monetary policy meeting next week and a series of high-profile gains.

Although Fed Chairman Jerome Powell has repeatedly stated that the economy still needs the full support of the central bank, the Fed’s statement will be parsed to find clues about the timetable for tightening easing policies.

It was up 238.2 points, or 0.68%, to 35,061.55, up 44.31 points, or 1.01%, to 4,411.79, and up 152.39 points, or 1.04%, to 14,836.99.

Among the 11 major sectors of the Standard & Poor’s 500 Index, except energy, all sectors closed in green, with the communications service sector rising the most, up 2.7%.

The second quarter reporting season is in full swing, with 120 companies in the S&P 500 index already reporting. According to Refinitiv, 88% of them are beyond consensus.

Zaccarelli said: “We see, on average, the company’s profits and profits are growing.” “We see the resilience of consumers, this is the story of the earnings season so far.”

Analysts now expect the S&P 500’s total earnings from April to June to increase by 78.1% year-on-year, a significant increase from the 54% annual growth rate at the beginning of the quarter.

Chip manufacturer Intel Corporation (Nasdaq:) said late Thursday that it still faces supply constraints and provided disappointing guidance. Its stock price fell 5.3%.

Modern (Nasdaq:) After the EU approved its COVID-19 vaccine for children aged 12 to 17, the company’s stock price rose 7.8%.

American Express Co (NYSE:) rose 1.3% after reporting its second-quarter profit, easily exceeding expectations driven by the recovery in global consumer spending.

Social media company Twitter Company (New York Stock Exchange:) and Snap Inc (New York Stock Exchange:) It rose 3.0% and 23.8%, respectively, supported by its optimistic performance.

These results indicate Facebook (Nasdaq:), will announce the second quarter results next week. Its stock price soared 5.3%.

Other high-profile earnings expected next week include Tesla (NASDAQ:), Apple (NASDAQ:), Alphabet (NASDAQ:), Microsoft Corporation (NASDAQ:) and Amazon website (NASDAQ:).

industry Lockheed Martin Corp (NYSE:), Boeing (NYSE:) Co, Ford Motor (NYSE:) Co, General Dynamics (NYSE:), 3M Co caterpillar Company (New York Stock Exchange:), Chevron Company (NYSE:) and Exxon Mobil Corp (NYSE:) and many healthcare, consumer products, and other products are also on deck.

The ratio of the number of rising shares to the number of falling shares on the New York Stock Exchange is 1.59:1; on the Nasdaq, the ratio of 1.03:1 favors the risers.

The Standard & Poor’s 500 Index hit 82 52-week highs and no new lows; the Nasdaq Composite Index hit 81 new highs and 136 new lows.

The trading volume on US exchanges was 9.72 billion shares, while the average trading volume over the past 20 trading days was 10.14 billion shares.

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