Business & Investment

The S & P 500 test records territory as stock prices rise after economic data

The S & P 500 Index pushed back to record territory as U.S. stocks rose moderately early on Thursday and investors sifted busy rounds of economic data, including disappointing readings about weekly unemployed billing. It was done.

It also focused on signs of progress by a bipartisan group of US lawmakers on infrastructure spending proposals.

What are the major indexes doing?
  • Dow Jones Industrial Average
    DJIA

    It increased by 219.01 points (0.7%) to 34,093.25.

  • S & P 500
    SPX

    It was up 23.88 points (0.6%) to 4,265.72, above the record closing price of 4,255.15 set on June 14 and eradicating the decline following the Federal Reserve Board last week.

  • Nasdaq Composite Index
    COMP

    It rose 109.33 points (0.8%) to trade at 14,381.07.

on WednesdayThe Nasdaq rose 0.1% to record the second consecutive record closing price for the 16th time in 2021. Meanwhile, the Dow fell 71.34 points (0.2%) and the S & P 500 fell 0.1%.

What is driving the market?

First time data U.S. unemployment allowance application disappointed.. The first bill for the week ending June 19th decreased from 7,000 to 411,000. Economists were looking for a reduction to 380,000.

Jamie Cox, Managing Partner of Harris Financial Group, said:

“This does not solidify the’temporary’argument, but it locks the market to pay more attention to the labor market as a clue to future interest rate paths,” Cox said.

Members of a bipartisan group of US lawmakers discussing an infrastructure proposal of about $ 1 trillion I agreed to the framework A package that will meet with President Joe Biden on Thursday to complete a deal that could eventually bring further fiscal stimulus to the economy.

“In principle, an agreement is possible before Congress leaves town for a two-week break on July 4, but as long as the package is in the summer sun, it will attract opposition,” he said. Greg Barriere, US Chief Policy Strategist, said. AGF Investments, notes.

“It will take weeks to reveal all the details, and then suspense will go up — can this avoid filibuster and attract 60 votes in the Senate?” He wrote.

As Federal Reserve Chairman Jerome Powell emphasized on Tuesday, stocks rose earlier this week and central banks expect temporary inflationary pressure to remain. Analysts said Wednesday after a similar comment on interest rates from St. Louis last week after Atlanta Federal Reserve Bank Governor Raphael Bostic moved forward with “my predictions of the first move to late 2022.” Book President James Bullard, who said at the session that some momentum had emerged from the market.

Other US economic data shows May Orders for durable consumer goods increased Orders for core capital goods fell in 2.3% in May.

The· High trade deficit in goods widens In May, it went from $ 85.7 billion last month to $ 88.1 billion. Orders for core capital goods fell 0.1% in May. We also revised our GDP estimates for the first quarter, but the growth rate remained unchanged at 6.4% per annum.

The pace of growth in the U.S. economy in the first quarter remained unchanged No revision at an annual rate of 6.4% After the latest revision, the Commerce Department said Thursday.

“The stock market has a better outlook by the end of the year,” said Brad McMillan, chief investment officer of the Commonwealth Financial Network, in a mid-year outlook. “The economy can continue to grow at a fast pace, and the government will continue to provide fiscal and financial stimuli,” he said. “Therefore, corporate profits can continue to grow and boost the market.”

Several Fed officials will also speak all day, including Fed President Raphael Bostic, Fed President Patrick Harker of Philadelphia, Fed President John Williams of New York, and Fed President James Bullard of St. Louis.

Which company is paying attention to?
  • Rite Aid Co., Ltd.
    RAD

    Share fell 12% after Thursday’s drugstore chain exceeded first-quarter earnings expectations, but profits were in short supply due to the weakness of the pharmacy services business. The outlook for the whole year is mixed..

  • Darden Restaurants
    DRI

    Said it on thursday Made a profit In the fourth quarter, sales of the same restaurant, or restaurants that have been in business for more than 16 months, increased by 90.4%, approaching pre-pandemic levels. The company added 30 net new restaurants during the period. Darden shares rose 2.3%.

  • Share Accenture PLC
    ACN
    Increased by 3% or moreAfter a management consulting firm reported better-than-expected third-quarter accounting profits and earnings on Thursday. Accenture has also raised its full-year outlook because of the demand for digital transformation.

  • FedEx Corp.
    FDX
    Stopped about 1,400 customers Earlier this month, The Wall Street Journal reported on Thursday a move aimed at astonishing customers and alleviating a crowded network plagued by constant package volumes. Service to some customers has resumed this week. Stock prices rose 0.7%.

  • Chinese electric car manufacturer Xpeng Inc.
    XPEV

    On Thursday it said it plans to offer 85 million Class A shares globally, split between an international offer of 87.05 million shares and a Hong Kong offer of 4.25 million shares.

What are the other markets doing?
  • 10-Year Government Bond Yield
    BX: TMUBMUSD10Y

    It increased 0.8 basis points to 1.485%. Yields and debt prices move in opposite directions.

  • ICE USD Index
    DXY,

    Currency readings against the baskets of the six major rivals fell 0.1%.

  • US Crude Oil Benchmarks Fall Oil Futures
    CL00

    It fell 0.6% at $ 72.65 a barrel.Gold futures
    GC00

    It was up 0.1% at $ 1.785.80 an ounce.

  • In European stocks, Pangea Stocks 600
    XX: SXXP

    London’s FTSE 100 rose 0.8%
    UK: UKX

    Increased by 0.6%.

  • In Asia, Shanghai Composite
    CN: SHCOMP

    And Nikkei 225 in Japan
    JP: NIK

    Both ended slightly higher, but the Hang Seng Index
    HK: HSI

    It rose 0.2% in Hong Kong.

The S & P 500 test records territory as stock prices rise after economic data

http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-74D1-04FCBDBCAD15%7D&siteid=rss&rss=1 The S & P 500 test records territory as stock prices rise after economic data

Back to top button