Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Facebook fuels S&P 500 to record high close

Stock MarketsApr 29, 2021 04:30PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. A trader walks outside the New York Stock Exchange in New York City

By Noel Randewich and Shivani Kumaresan

(Reuters) - The S&P 500 closed at a record high on Thursday, fueled by gains in Facebook following its strong earnings report, while Amazon (NASDAQ:AMZN) jumped in extended trade following its quarterly report.

Facebook Inc (NASDAQ:FB) rallied 7.3% to an all-time high after the world's largest social network beat quarterly revenue and profit late on Wednesday. It was its biggest single-day gain in five months and easily contributed the most upside to both the S&P 500 and Nasdaq.

The communication services index led the 11 sectors higher with a 2.75% gain, boosted by Facebook and Alphabet (NASDAQ:GOOGL).

Apple Inc (NASDAQ:AAPL) dipped 0.07% despite late on Wednesday posting sales and profit ahead of Wall Street estimates on strong iPhone and Mac sales.

"Investors are really looking for significantly outsized results, and also outsized guidance as they look ahead to upcoming quarters," said Greg Bassuk, chief executive of AXS Investments. "We believe a lot of optimism has already been baked into the market, and we are cautioning investors to expect significant volatility."

In extended trade, Amazon jumped 3% after reporting quarterly sales that beat analysts' expectations as the e-commerce giant continued to benefit from the COVID-19 pandemic-driven online shopping boom.

Also after the bell, Twitter tumbled 9% following its quarterly report, with the company warning about rising costs and slower growth.

Of the 265 companies in the S&P 500 that have reported so far, 87% have topped analysts' earnings estimates, with Refinitiv IBES data now predicting a 45% jump in profit growth.

U.S. economic growth accelerated in the first quarter, fueled by massive government aid to households and businesses, while a labor market report showed 553,000 people filed for unemployment benefits last week, compared with 566,000 in the prior period.

Caterpillar Inc (NYSE:CAT) dipped about 2% after it reported higher quarterly earnings but warned of supply-chain bottlenecks.

Drugmaker Merck & Co Inc slid 4.4% after posting a drop in quarterly profit.

McDonald's (NYSE:MCD) rose 1.2% after the burger chain beat Wall Street estimates for quarterly comparable sales and said it returned to pre-pandemic levels of growth.

The Dow Jones Industrial Average rose 0.71% to end at 34,060.36 points, while the S&P 500 gained 0.68% to 4,211.47.

The Nasdaq Composite climbed 0.22% to 14,082.55.

Volume on U.S. exchanges was 10.5 billion shares, compared with the 9.9 billion full-session average over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.

The S&P 500 posted 120 new 52-week highs and no new lows; the Nasdaq Composite recorded 150 new highs and 30 new lows.

The S&P 500 is now up 12% in 2021, while the Nasdaq has gained 9%.

Facebook fuels S&P 500 to record high close
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (9)
Xer Zuproc
Xer Zuproc Apr 29, 2021 4:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
oh im sorry for that! its just me sometimes..
tonald drump
tonald drump Apr 29, 2021 4:18PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Lol. This headline! What?!?!
Jon Bal
Jon Bal Apr 29, 2021 3:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the 2pm indicator.. works like magic
Mo BeeLee
MoBeeLee Apr 29, 2021 2:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Feds still handing out $300 week extended unemployment. Businesses can't find employees. Households rolling in government cash with 16+ million unemployed. House of cards. Reality will hit at some point.
perplexed76 .
perplexed76 . Apr 29, 2021 1:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
where's downbeat data? was shrugged off as usual?
Am Fo
Am Fo Apr 29, 2021 12:38PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Biden is useless get trump back, stock market is dropping none stop since he got in.
Mitchel Pioneer
Mitchel Pioneer Apr 29, 2021 12:22PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
S&P goes negative and immediately reverses into the green.  What a flagrantly manipulated joke.  And to think millions of American's have their retirement hopes pinned to this Ponzi scheme.
Baris Duzalan
Baris Duzalan Apr 29, 2021 12:20PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Are you people d u m b!?!?
Jacob Steinschlag
Jacob Steinschlag Apr 29, 2021 11:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fail. The whole market dipped more than 1% since open. Your news are outdated.
Modern Matrix
Modern Matrix Apr 29, 2021 11:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
they are more often wrong and outdated than right and current. waste of time to read those articles
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email