Home Headline News Wall St Rally Continues

Wall Street saw no reason to stop rallying as the US economy pulls out of its downturn, lifting the Dow and S & P 500 to their second consecutive record on Friday.

At the close of US trading, the benchmark Dow Jones Industrial Average had gained 0.5 percent to end at 34,201.13. The broad-based S & P 500 rose 0.4 percent to hit 4,185.53.

The tech-rich Nasdaq Composite Index saw slightly less ebullient trading, gaining 0.1 percent to close at 14,052.34, about 125 points below its all-time high.

Both the S & P 500 and Dow also posted their fourth consecutive weekly gains, ending a week that saw the government release data indicating weekly jobless claims hit their lowest point of the pandemic, and retail sales boomed in March thanks in part to government stimulus.

Chris Low of FHN Financial said that data, combined with easy monetary policy from the Federal Reserve that its leadership indicated it wasn’t looking to end, put traders in an optimistic mood.

“We had tremendous data all week this week,” he said. “In addition to strong data, we get reassurances from Fed officials all week, including the chair, that they’re very comfortable with the economic and inflation environment… so that’s good news for equities, as well.”

Adding to the upbeat sentiment were data released before markets opened showing homebuilding had rebounded sharply last month after winter weather snarled construction in February.

The data offered hope that the inventory squeeze that is pushing home prices up could end this year.

Homebuilder Toll Brothers closed 2.9 percent higher, while KB Home gained 3.3 percent, both all-time highs.

Morgan Stanley fell 2.8 percent after disclosing a $911 million loss from the meltdown of Archegos Capital Management despite reporting blockbuster first-quarter profits.

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

© 2024 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.
CLOSE