The S&P 500 and Dow hit a record high on Friday after Morgan Stanley closed the quarterly earnings reports of major US banks with a rise in profits, while optimism about a solid economic downturn set the major indices on course for weekly profits.
Nine of the 11 S&P indices traded higher, with only the communications services (.SPLRCL) and information technology (.SPLRCT) cutting lower after outperforming in the previous session.
Wall Street’s three main indices bounced back this month as upbeat economic data, a good start to the first quarter’s corporate earnings season and the Federal Reserve’s promise to keep interest rates low, despite higher inflation demand, especially for wealthy technology stocks .
Morgan Stanley (MS.N) reported a 150% increase in quarterly earnings on Friday, joining JPMorgan Chase & Co (JPM.N), Goldman Sachs Group Inc (GS.N) and Bank of America (BAC.N) ) joined to strengthen the hope. of a rapid economic recovery.
However, the investment bank’s shares fell by 1.2% as it also revealed a loss of almost $ 1 billion due to the collapse of the private fund Archegos.
The shares of JPMorgan, Goldman Sachs, Bank of America, Citigroup Inc (CN) and Wells Fargo and Co (WFC.N) rose 1.6%.
“So far, the financial sector has delivered very good earnings and that could be the key to this earnings season,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
“There seems to be a new enthusiasm, also because we have a setback in (bond) returns. It is definitely useful in terms of risk.”
Global equities also reached record highs as China’s GDP grew 18.3% in the first quarter. A separate number of numbers on Thursday showed that U.S. retail sales rose the most in ten months in March and weekly unemployment claims fell for the week ended April 10.
The benchmark S&P 500 (.SPX) and the blue-chip Dow (.DJI) are on track for their fourth consecutive profit, while the tech-heavy Nasdaq (.IXIC) is about a percentage point lower than its own everyday peak. .
At 9:54 ET, the Dow Jones Industrial Average (.DJI) was 97.72 points, or 0.29%, at 34,133.71, the S&P 500 (.SPX) was up 2.95 points, or 0.07 %, at 4,173.37, and the Nasdaq Composite (.IXIC) decreased by 47.05 points, or 0.34%, to 13,991.71.
Tech behemoths Apple Inc. (AAPL.O), Amazon.com Inc. (AMZN.O), Tesla Inc. (TSLA.O) Microsoft Corp. (MSFT.O), which led to Wall Street’s recovery last year due to coronavirus powered accident, slipped between 0.4% and 1.5%.
Bitcoin-related stocks, including Riot Blockchain (RIOT.O) and Marathon Digital (MARA.O), fell 9% after Turkey banned the use of cryptocurrencies and cryptocurrencies to buy goods and services.
Progressive issues fell on the NYSE a larger than 1.32-to-1 ratio, while declining spending was more than the predecessors with a 1.57-to-1 ratio on the Nasdaq.
The S&P index recorded 136 new highs of 52 weeks and no new lows, while the Nasdaq recorded 121 new highs and 64 new lows.
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