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Nasdaq and S&P 500 end at record highs; Dow rallies

EconomyJun 24, 2021 07:02PM ET
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© Reuters. FILE PHOTO: People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermid

By Noel Randewich and Devik Jain

(Reuters) - The Nasdaq and the S&P 500 indexes closed at record highs on Thursday, with the Dow also jumping almost 1% after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.

With massive fiscal stimulus helped the U.S. economy grow at a 6.4% annualized rate in the first quarter, investors have been banking on an infrastructure agreement that could steer the next leg of the recovery for the world's largest economy and fuel more stock gains.

Construction and mining equipment maker Caterpillar (NYSE:CAT) and aerospace firm Boeing (NYSE:BA) both jumped more than 2%, helping lift the Dow Jones Industrial Average.

"In the short term, I think there will be some 'buy the rumor and sell the news' in materials and industrials, but as we start to see more details come out about how the money will be spent, I think we will get a continued benefit," said Sal Bruno, chief investment officer at IndexIQ in New York.

Fueling the S&P 500's gains more than any other stock, Tesla (NASDAQ:TSLA) Inc rose 3.5% after Chief Executive Officer Elon Musk said he would list SpaceX's space internet venture, Starlink, when its cash flow is reasonably predictable, adding that Tesla shareholders could get preference in investing.

Mega-caps PayPal and Facebook Inc (NASDAQ:FB) each gained more than 1%, and were also among the biggest boosts to the S&P 500 and the Nasdaq.

Microsoft (NASDAQ:MSFT) added 0.5% and ended with a market capitalization above $2 trillion for its first time.

Initial claims for state unemployment benefits fell 7,000 to 411,000 for the week ended June 19, the Labor Department said on Thursday, but were still higher than the 380,000 that economists had forecast.

The Commerce Department said the economy grew at a 6.4% rate last quarter, unrevised from the estimate published in May.

So far this month, the S&P 500 growth index has climbed almost 4%, outperforming the value index's 2% drop.

(Graphic: S&P 500 Forward PE, https://fingfx.thomsonreuters.com/gfx/mkt/rlgpdrwkzpo/Pasted%20image%201624546344195.png)

The Dow Jones Industrial Average rose 0.95% to end at 34,196.82 points, while the S&P 500 gained 0.58% to 4,266.49.

The Nasdaq Composite climbed 0.69% to 14,369.71.

Volume on U.S. exchanges was 9.2 billion shares, less than the 11.0 billion average over the last 20 trading days.

The S&P 500 technology, healthcare and communication services sector indexes hit record highs.

So far in 2021, the S&P 500 has gained almost 14%, beating the Nasdaq's 11% rise.

Eli Lilly (NYSE:LLY) and Co jumped 7.3% to a record high after the drugmaker said it would apply for the U.S. Food and Drug Administration's accelerated approval for its experimental Alzheimer's drug this year.

In response, Biogen Inc (NASDAQ:BIIB), which received a controversial approval for its Alzheimer's drug aducanumab earlier this month, tumbled 6.1%.

MGM Resorts (NYSE:MGM) International rose 2.2% after Deutsche Bank (DE:DBKGn) upgraded the casino operator's stock to "buy" from "hold."

Accenture (NYSE:ACN) Plc gained 2.1% after the IT consulting firm raised its full-year revenue forecast.

Advancing issues outnumbered declining ones on the NYSE by a 2.29-to-1 ratio; on Nasdaq, a 2.44-to-1 ratio favored advancers.

The S&P 500 posted 36 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 105 new highs and 27 new lows.

Nasdaq and S&P 500 end at record highs; Dow rallies
 

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Comments (9)
태주 오
태주 오 Jun 24, 2021 9:07PM ET
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It's a matter of time...but who knows when.......
martin lewis
martin lewis Jun 24, 2021 1:29PM ET
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Unfortunately economic growth based on currency devaluation is short-lived...the USD is worth significantly less than during previous years and debt levels are at historical and critical levels. Housing prices up, cost of living up, home sales down, inflation at multi-decade highs...globalists make money through currency devaluation, and use their socialist sheep to push their agenda. Under Trump, the USD index was at multi-years highs, they were able to raise interest rates, and stock market boomed. Under Biden, they have just made the rich richer through currency devaluation and the market dumps several percent even if the Fed passes gas that slightly sounds like "0.01% rise in rates"...meanwhile media pushing out fluff pieces lo gaslight.
Jouni Matero
Jouni Matero Jun 24, 2021 1:29PM ET
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So true and matter of time when chaos begins.
andre mackenzie
andre mackenzie Jun 24, 2021 1:29PM ET
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true, there is even a headline today talking about how people are still unable to pay their rent and Biden is having to extend the eviction memorandum. "Biden administration extends residential eviction ban until end of July".
Mitchel Pioneer
Mitchel Pioneer Jun 24, 2021 12:22PM ET
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The fraud in criminal manipulation go into hyperdrive.  Assume the proper position America.
Paul Richard
Paul Richard Jun 24, 2021 12:22PM ET
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Wait another 6 months and jump in at 6 to 8% higher on index!
ben sc
ben sc Jun 24, 2021 12:16PM ET
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"Opposite Day at Reuters Extended Indefinitely "
perplexed76 .
perplexed76 . Jun 24, 2021 11:13AM ET
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buy maximum stocks before default
michael engel
michael engel Jun 24, 2021 10:54AM ET
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QQQ targets 348 - 355. We are there, beware !
Larry DeAngelis
Larry DeAngelis Jun 24, 2021 10:53AM ET
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Don't let the truth get in the way of a good story! Everything is so rosy! Total Garbage!!!!
Jouni Matero
Jouni Matero Jun 24, 2021 10:53AM ET
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So well said 👍👍
Jouni Matero
Jouni Matero Jun 24, 2021 9:54AM ET
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"ease"?? Lol. 411k last week and now 410k (expected 380k) so quite bold statement and obviously suits someone's agenda to push market up. Seriously guys.
Stan Smith
Stan Smith Jun 24, 2021 9:54AM ET
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Bulls roar is all the twisted news you'll hear on the Site
Chris Johnson
Chris Johnson Jun 24, 2021 9:54AM ET
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Mainstream media has turned into sales channels for financials... all stories will be twisted to enforce the ongoing bull market. "Commission baby..."
JAMES CUNHA
JAMES CUNHA Jun 24, 2021 9:38AM ET
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"gains traction?" jobless claims are up.
Matt Brackley
Matt Brackley Jun 24, 2021 9:38AM ET
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shhhhh
Tre Hsi
Tre Hsi Jun 24, 2021 9:38AM ET
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"jobless claims are up" --  are they? not according to this article...... "Initial claims for state unemployment benefits fell 7,000 to 411,000 for the week ended June 19, the Labor Department said on Thursday,"
Jody Darden
Jody Darden Jun 24, 2021 9:38AM ET
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Tre Hsi  The actual unemployment numbers and people who go through the system and get try to tap into unemployment and much different.
 
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