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Markets

Thursday’s early trade: S&P, Dow hit record highs

NEW YORK: The S&P 500 and the Dow Jones indexes notched record highs on Thursday as upbeat earnings reports from...
16 Apr 2021

NEW YORK: The S&P 500 and the Dow Jones indexes notched record highs on Thursday as upbeat earnings reports from several companies and a strong rebound in March retail sales bolstered hopes of a broader economic rebound.

Apple Inc, Microsoft Corp Facebook Inc and Amazon.com Inc rose between 1.1% and 2.0%, taking the S&P technology sector to the top of pack in early trading.

Both Bank of America and Citigroup offered optimistic views on an economic rebound, but shares of America’s second-biggest lender fell 4% after it posted a profit that just about topped estimates.

Citi’s shares were 0.3% higher.

BlackRock Inc, the world’s largest asset manager, gained 2.3% after reporting a 16% jump in first-quarter profit, while PepsiCo Inc edged 0.5% higher after it forecast a pickup in organic revenue growth in the second quarter.

The newly-listed cryptocurrency exchange Coinbase added 2.4%, a day after going public in a high-profile debut on the Nasdaq that briefly valued it at more than $100 billion.

At 09:57 a.m. ET the Dow Jones Industrial Average was up 219.43 points, or 0.65%, at 33,950.32, the S&P 500 was up 30.34 points, or 0.74%, at 4,155.00 and the Nasdaq Composite was up 139.87 points, or 1.01%, at 13,997.71.