(Click LIVE / or type LIVE / in a news window for a Reuters blog about US, UK, and European stock markets.)
* Disney falls after strong run-up to results
* PayPal increases increase as brokers get better after investor day
* Energy supply slips as oil prices fall based on demand
* Indices: Dow flat, S&P with 0.17%, Nasdaq with 0.16% (Add quote, details; update prices)
February 12 (Reuters) – The S&P 500 rose higher on Friday, recovering from early weaknesses as financial and material stocks gained ground, while investors sought to see signs of progress with the next series of fiscal aid.
Value stocks outperformed large stocks because investors preferred the names that would likely benefit from a reopened economy.
The major stock indices opened lower, heavyweights Apple Inc, Tesla Inc and Amazon.com Inc. weighed. The key averages are still on their second consecutive weekly profit.
Lipper’s data late Thursday showed that US funds attracted $ 22.9 billion in the week to Wednesday, the largest weekly inflow since March 2008.
US stock markets will be closed on Monday due to the presidential holiday.
“Most of these sales are just profitable to see the market come back from any short-term sales,” said Rick Meckler, partner at Cherry Lane Investments, a family investment firm in New Vernon, New Jersey.
“Low interest rates, stimulus and improvement on the virus front offer greater confidence for investors to stay in the market and buy more.”
A sharp decline in new COVID-19 cases and hospitalizations over the past few weeks has also driven markets to historic highs. However, many analysts have warned of a short-term withdrawal amid the risks of new coronavirus variants and possible bumps in the spread of vaccines.
The latest data showed that US consumer sentiment fell unexpectedly in early February as households remain worried about the economy, despite expectations for additional fiscal stimulus.
A Reuters poll shows that the US economy is expected to reach pre-COVID-19 levels within a year, as the proposed $ 1.9 billion fiscal package will help boost economic activity, but it is likely to. take a year before unemployment falls until early 2020.
U.S. President Joe Biden will meet with a dual group of mayors and governors on Friday as he continues to approve the approval of the solid relief plan.
Economy-linked bank shares rose by about 1.3%, while energy, materials and industry also rose between 0.7% and 0.8%.
The childhood index would rise for the fifth week out of six full weeks this year.
At 11:55 ET the Dow Jones Industrial Average fell 5.54 points, or 0.02%, to 31,425.16, the S&P 500 dropped 6.81 points, or 0.17%, to 3,923. 19 and the Nasdaq Composite rose 22.48 points, or 0.16%, to 14,048.25. .
PayPal Holdings Inc rose by about 3.8% as several brokers raised the price targets on the stock a day after the investment company’s investment day call.
Walt Disney Co. made a surprising quarterly profit. However, its shares fell 1.5% from a record high of more than 13% to the results of the past two weeks.
Dating app operator Bumble Inc has risen 13%, a day after a stellar debut boosted its shares by more than 75%.
Tilray Inc and Aphria Inc rose 4% and 6% after nearly halving the previous session.
Prior issues have the number of declines more than 1.3 to 1 on the NYSE and 1.4 to 1 on the Nasdaq.
The S&P 500 reached 47 new 52-week highs and no new lows, while the Nasdaq recorded 307 new highs and 22 new lows. (Report by Medha Singh in Bengaluru; Edited by Maju Samuel)