Monday, 17 May 2021 05:08 GMT

Dow Smashes 34K Barrier

(MENAFN - Baystreet.ca) U.S. stocks climbed to record levels on Thursday after key companies reported strong earnings and fresh economic data pointed to a rebound in consumer spending and the jobs market.
The Dow Jones Industrials hiked 305.1 points to close Thursday at 34,035.99, marking the first time the blue-chip benchmark has crossed the 34,000 milestone.
The S&P 500 gained 45.76 points, or 1.1%, to 4,170.42, also reaching an intraday record.
The NASDAQ Composite regained 180.92 points, or 1.3%, to 14,038.76.
Technology shares rebounded as bond yields fell. The so-called FAANG stocks – Facebook, Amazon, Apple, Netflix and Alphabet – all climbed more than 1%.
Shares of UnitedHealth, a Dow member, gained 3.8% after results topped the Street's forecasts and the health insurer raised guidance for 2021.
Pepsi shares added 0.1% after the consumer snack and drink maker said sales last quarter rose nearly 7%, topping estimates.
Shares of Citigroup erased earlier gains and fell 0.5%. The bank posted results that beat analysts' estimates for first-quarter profit with strong investment banking revenue and a bigger-than-expected release of loan-loss reserves.
Bank of America shares rose as earnings last quarter blew past the Street on booming trading and investment banking results as well the
release of loan-loss reserves. The shares dipped 2.9%, however.
Newly public crypto exchange Coinbase rolled over and closed the day down 1.7% in volatile trading. The stock got a boost earlier after it was revealed Ark Invest's Cathie Wood loaded up on the first day of trading.
Retail sales surged 9.8% in March as additional stimulus sent consumer spending soaring, the Commerce Department reported Thursday. That number topped the Dow Jones estimate of a 6.1% gain.
A separate report on Thursday showed that first-time filings for unemployment insurance dropped to the lowest level since March 2020. The Labor Department reported 576,000 new jobless claims for the week ended April 10. Economists polled by Dow Jones expected a total of 710,000.
Prices for 10-Year Treasurys improved, lowering yields to 1.57% from Wednesday's 1.63%. Treasury prices and yields move in opposite directions.
Oil prices picked up 20 cents to $63.35 U.S. a barrel.
Gold regained $28.40 to $1,769.10 U.S. an ounce.


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