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.
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