New York: A surprisingly strong report card on the U.S. economy helped power the benchmark S&P 500 and Nasdaq Composite indexes to record high closes on Friday, capping a week of gains for stocks that came largely on the back of resilient corporate profits.
"There's a lot of momentum buying. And with the thought that new highs are likely, there is continued optimism." said Meckler, adding that the ongoing equity rally has"dragged more believers into it, and it's sort of self-fulfilling." Before the market open, U.S. Commerce Department data showed gross domestic product rising faster than expected due to high inventories while consumer and business spending slowed sharply, and homebuilding investment contracted for a fifth straight quarter.
Also Ford Motor Co surged 10.7per cent and was the biggest percentage gainer on the S&P after the automaker posted better-than-expected quarterly earnings largely due to strong pickup truck sales in its core U.S. market.Intel slumped 8.99per cent after it cut its full-year revenue forecast and missed the sales estimate for its key data center business in its quarterly report late Thursday.
Walt Disney Co rose 1.95per cent after Marvel Studios superhero spectacle"Avengers: Endgame" hauled in a record US$60 million at U.S. and Canadian box offices during its Thursday night debut.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US: S&P 500, Nasdaq end at record highs after solid earnings[NEW YORK] The S&P 500 and Nasdaq jumped to all-time records on Tuesday following a barrage of mostly positive earnings reports that boosted confidence in the economic outlook. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
S&P 500, Nasdaq end at record highs after solid earningsNEW YORK: The S&P 500 and Nasdaq jumped to all-time records on Tuesday (Apr 23) following a barrage of mostly positive earnings reports that ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Nasdaq reports rise in first quarter earningsNasdaq Inc on Wednesday reported a rise in first quarter profits on Wednesday as a pickup in the exchange operator's non-transactional businesses, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Nasdaq hits record, S&P nears all-time high on upbeat earningsThe S&P 500 moved closer to its all-time high on Wednesday, while technology stocks nudged the Nasdaq to a record level, as investors took heart ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
S&P falls as investors await earnings, Nasdaq slips from record highThe S&P 500 moved closer to its all-time high on Wednesday, while technology stocks nudged the Nasdaq to a record level, as investors took heart ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Nasdaq eyes record high after strong tech earnings; 3M results hit DowDow and S&P futures were pressured by a steep fall in industrial company 3M's shares on Thursday, while upbeat results from high-flying companies ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US: Nasdaq hits record high at open on strong tech earnings[BENGALURU] The tech-heavy Nasdaq index hit a fresh record at the open on Thursday after strong results from Facebook and Microsoft, while a slump in industrial conglomerate 3M weighed on the Dow and limited gains on the S&P. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Nasdaq hits record high at open on strong tech earnings; 3M weighs on DowDow and S&P futures were pressured by a steep fall in industrial company 3M's shares on Thursday, while upbeat results from high-flying companies ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »