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Friday, 07 May 2021 10:49 GMT

S&P Continues on All-Time High Streak


(MENAFN - Baystreet.ca) U.S. stocks rose again on Friday as the market's record run carried on amid strong earnings from blue-chip companies as well as solid data signaling a snapback in the economy.
The Dow Jones Industrials stayed green 107.99 points by noon EDT Friday at 34,143.98,
The S&P 500 added 7.1 points to 4,177.52, to hit a 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 ditched 16.39 points, to 14,022.36.
The last of the six largest U.S. banks – Morgan Stanley — reported stronger-than-expected earnings, bolstered by strong trading and investment banking results. Shares of the bank rose 0.3%.
PNC Financial gained more than 2% after the bank beat estimates on the top and bottom lines for its first-quarter report.
Wall Street is poised to wrap up another winning week. The S&P 500 has gained 1.3% this week, on pace for its fourth straight positive week. The Dow has climbed 1%, while the NASDAQ is up 0.9%.
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 a bit lower, raising yields to 1.58% from Thursday's 1.57%. Treasury prices and yields move in opposite directions.
Oil prices fell 32 cents to $63.14 U.S. a barrel.
Gold prices swelled $12.50 to $1,779.30 U.S. an ounce.



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