Wall Street Closed at Record Highs
Wall Street stocks closed with solid advances on Friday. The Dow Jones registered a historical record with a rise of 0.68% or 238.20 points to 35,061.55. The selective S&P 500 also reached its record surging by 1.01% or 44.33 units, to 4,411, 79.
The Nasdaq composite index gained 1.04% or 152.39 points and ended at 14,836.99.
Investors left behind the worries of Covid-19 advances and high inflation figures.
Wall Street was also supported by the excellent business results of influential technology companies. Snap and Twitter published better than expected results, lifting other social media giants such as Facebook. Twitter advanced by 3%, and Snap surged by 23.8%. At the same time, Facebook gained 5.3%.
Microsoft, Apple, Facebook and Alphabet will present their reports this week.
Other sectors also helped the market.
Telecommunications showed the highest gains rising by 2.65%. Public services followed it, adding 1.28%. Essential consumer goods increased by 1.22%, and health added 1.18%. Meanwhile, only the energy sector recorded losses yielding 0.43%.
Among the thirty Dow Jones stocks, Visa led earnings and surged by 2.02%. Home Depot increased by a solid 1.95%, and McDonald’s gained 1.75%.
On the other hand, Intel slipped by 5,29% and posted the most significant losses. Honeywell followed it with a drop of 1.47%. Dow lost 0.68%, and JP Morgan Chase yielded 0.15%.
What will the future bring?
The 10-year Treasury yields gave up their gains on Friday following a report from IHS Markit, showing that manufacturing growth unexpectedly hastened in July.
The economy continues to recover at a hasty pace. Now the question is how much growth will slow in the following months and years. According to Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, opinions differ about what the future brings.
Market participants now look forward to this week’s Fed meeting on monetary policy.
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