Sandy Villere on major technology stocks
Equities peaked on Thursday as investors posted strong economic data and another profit.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: DJI | DOW JONES AVERAGE | 33928.43 | +197.54 | + 0.59% |
| SP500 | S&P 500 | 4150.39 | +25.73 | + 0.62% |
| I: COMP | after | after | after | after |
The Dow Jones industrial average averaged 206 points, or 0.61%, while the S&P 500 and Nasdaq Composite rose 0.71% and 0.98%, respectively. Both the Dow and the S&P traded at all times.
UNEMPLOYED CLAIMS FALL TO PRE-PANDEMIC LOWER
The early advance comes after the Census Bureau said retail sales rose 9.8% in March, more than the 5.9% increase analysts surveyed by Refinitiv expected. In addition, the initial unemployment claims for the week ended April 10 totaled 576,000, the lowest since the closure of the COVID-19 distribution that began in March 2020.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 38.37 | -1.59 | -3.98% |
| C | CITIGROUP, INC. | 72.66 | -0.29 | -0.40% |
| JPM | JPMORGAN CHASE & CO. | 150.09 | -1.30 | -0.86% |
| C | CITIGROUP, INC. | 72.66 | -0.29 | -0.40% |
On Thursday, Bank of America Corps more than doubled its quarterly profit, after the company released $ 2.7 billion in reserves that were protected against loan losses during the pandemic. The bank also announced a $ 25 billion repurchase plan.
Citigroup Inc. beat earnings and revenue, saying it would halt most of its consumer banking operations in Asia, Europe and the Middle East.
The better-than-expected results of Bank of America and Citigroup are further proof of the strength in the sector that JPMorgan Chase & Co., Goldman Sachs Group Inc. and Wells Fargo & Co showed Wednesday.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| DAL | DELTA AIR LINES INC. | 46.97 | -1.20 | -2.49% |
Elsewhere in earnings, Delta Air Lines Inc. said that the quarterly loss from a year ago had been increased, but that it would return to profitability in the September quarter. Adjusted earnings per share missed estimates while earnings beat.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| COIN | COINBASE GLOBAL INC. | 326.83 | -1.45 | -0.44% |
Meanwhile, Coinbase Global Inc. stay in focus during the first full day of trading as a public company as shares continue to climb. The stock rose $ 381 a share on Wednesday afternoon, peaking at $ 429.54 before reaching $ 328.28 and a market capitalization of $ 85.8 billion.
In transactions, Thermo Fisher Scientific Inc. agreed to PPD Inc. for about $ 21 billion, including debt. The deal will pay PPD shareholders $ 47.50 a share – a 10.6% premium to Wednesday’s closing price.
Dell Technologies Inc. will hold its 81% stake in cloud software company VMWare Inc. split, which will pay out a special dividend of up to $ 12 billion to the firm’s shareholders. Dell shareholders receive 0.44 VMWare shares for every share they own.
In commodities, West Texas Intermediate crude slipped 26 cents to $ 62.89 a barrel and gold climbed $ 12.50 to $ 1,748.80 an ounce.
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Overseas markets were mixed.
European markets were generally higher, with the British FTSE 100 up 0.61%, while the French CAC 40 up 0.45% and the German DAX 30 up 0.28%.
In Asia, the Japanese Nikkei 225 rose 0.07%, the Hong Kong Hang Seng Index fell 0.37% and the Chinese Shanghai Composite fell 0.52%.