ANL 11.03 Decreased By ▼ -0.09 (-0.81%)
ASC 10.06 Increased By ▲ 0.08 (0.8%)
ASL 12.05 Increased By ▲ 0.20 (1.69%)
AVN 71.05 Decreased By ▼ -0.19 (-0.27%)
BOP 6.00 Increased By ▲ 0.05 (0.84%)
CNERGY 5.26 Decreased By ▼ -0.01 (-0.19%)
FFL 7.12 Increased By ▲ 0.42 (6.27%)
FNEL 6.15 Increased By ▲ 0.05 (0.82%)
GGGL 11.75 Decreased By ▼ -0.11 (-0.93%)
GGL 15.85 Decreased By ▼ -0.07 (-0.44%)
GTECH 9.28 Decreased By ▼ -0.07 (-0.75%)
HUMNL 6.55 Decreased By ▼ -0.01 (-0.15%)
KEL 2.56 Decreased By ▼ -0.02 (-0.78%)
KOSM 3.07 Increased By ▲ 0.01 (0.33%)
MLCF 28.65 Decreased By ▼ -0.05 (-0.17%)
PACE 2.98 Decreased By ▼ -0.01 (-0.33%)
PIBTL 6.04 Decreased By ▼ -0.05 (-0.82%)
PRL 15.65 Increased By ▲ 0.60 (3.99%)
PTC 7.29 Increased By ▲ 0.12 (1.67%)
SILK 1.31 Increased By ▲ 0.07 (5.65%)
SNGP 26.55 Increased By ▲ 0.40 (1.53%)
TELE 10.84 Decreased By ▼ -0.11 (-1%)
TPL 9.07 Increased By ▲ 0.02 (0.22%)
TPLP 15.86 Decreased By ▼ -0.06 (-0.38%)
TREET 29.93 Increased By ▲ 0.03 (0.1%)
TRG 75.83 Decreased By ▼ -1.17 (-1.52%)
UNITY 22.42 Decreased By ▼ -0.03 (-0.13%)
WAVES 13.50 Increased By ▲ 0.55 (4.25%)
WTL 1.62 Increased By ▲ 0.07 (4.52%)
YOUW 5.07 Increased By ▲ 0.03 (0.6%)
BR100 4,283 Increased By 10.3 (0.24%)
BR30 14,922 Increased By 24.6 (0.17%)
KSE100 43,091 Increased By 107.7 (0.25%)
KSE30 16,365 Increased By 15.1 (0.09%)
Markets

S&P 500, Nasdaq end at records, extending rally

  • Apple jumped 2.6 percent following reports it is close to a deal on producing its own autonomous vehicles in cooperation with South Korean giant Hyundai. Neither company commented on the reports.
05 Feb, 2021

NEW YORK: The S&P 500 and Nasdaq ended at records Thursday, extending a rally fueled by good earnings, improving economic data and positive coronavirus trends.

The S&P 500 gained 1.1 percent to 3,871.74, while the tech-rich Nasdaq Composite Index jumped 1.2 percent to 13,777.74.

The Dow Jones Industrial Average was up 1.1 percent at 31,055.86, about 130 points shy of a record.

The records follow data showing a drop in new applications for jobless benefits for the third straight week, the latest in a stream of improving economic data this week.

Art Hogan, chief market strategist at National Securities, said investors have also been cheered by the drop in new US coronavirus cases and an increase in vaccination rates.

"We clearly are seeing fewer cases and fewer hospitalizations," Hogan said.

He also cited a calmer market environment with the ebbing of last week's drama surrounding GameStop and other equities. Investors are increasingly confident that volatility would dent confidence in the broader stock market.

However, Hogan cautioned that much stronger data -- including in Friday's jobs report -- could bolster critics of President Joe Biden's $1.9 trillion plan.

Among individual companies, Merck fell 1.7 percent as it announced that Ken Frazier would step down as chief executive and be succeeded by Chief Financial Officer Robert Davis.

Apple jumped 2.6 percent following reports it is close to a deal on producing its own autonomous vehicles in cooperation with South Korean giant Hyundai. Neither company commented on the reports.

Disney rose 2.2 percent after a bipartisan group California state lawmakers released legislation that would allow the state's theme park to reopen more quickly than under the current state plan.

Disney has criticized the coronavirus plan by Governor Gavin Newsom as overly restrictive.

Comments

Comments are closed.