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Dow Closes Above 34,000 for First Time as Strong Earnings Keep Rally Alive

Stock MarketsApr 15, 2021 04:16PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow closed above 34,000 for the first time ever Thursday, underpinned by a backdrop of surging retail sales, corporate earnings that beat estimates and a plunge in U.S. bond yields.

The Dow Jones Industrial Average rose 0.90%, or 305 points, to close at 34,035.99. The S&P 500 rose 1.11%, to a record high of 4,170.42, and the Nasdaq Composite was up 1.3%.

Retail sales rose 9.8%, the largest monthly gain since last May, in a further sign that the U.S. consumer, awash with stimulus cash, remains in good shape.

"The combo of stimulus checks, good weather and the reopening propelled retail sales 9.8% m/m in March. This is second largest monthly gain on record, eclipsed only by last May's 18.3% increase," Jefferies (NYSE:JEF) said.

The backdrop of a healthy consumer has also been supported by an improving labor market.

U.S. jobless claims fell to 576,000 last week from 769,000 the prior week, a much larger decline than the 700,000 expected.

As well as upbeat economic data, the trend of better-than-expected earnings from Wall Street banks also supported investor sentiment on stocks.

Bank of Citigroup , BlackRock (NYSE:BLK), and US Bancorp (NYSE:USB) were among the notable quarterly reports.

Citigroup (NYSE:C) quarterly earnings garnered the most attention after the bank laid out a plan to sell its retail banking operations in Asia and eastern Europe to focus on wealth management.

Elsewhere, UnitedHealth Group (NYSE:UNH) raised its annual guidance and first-quarter results that topped estimates on both the top and bottom lines, sending its shares up 4%.

PepsiCo (NASDAQ:PEP) also delivered a first-quarter earnings beat as its organic sales of 2.4% beat estimates.

Tech, meanwhile, extended its gains from a day earlier thanks to a plunge in bond yields, with the 10-year Treasury closing at its lowest level since March.

Google-parent Alphabet (NASDAQ:GOOGL), Facebook (NASDAQ:FB), Amazon.com (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and Apple (NASDAQ:AAPL) closed higher.

Still, there are some regulatory clouds forming around big tech as the U.S. House of Representatives Judiciary Committee approved a report accusing Big Tech companies of antitrust behavior, paving the blueprint for legislation to rein in the tech behemoths.

In other news, Coinbase Global (NASDAQ:COIN) fell about 1% following a sharp rally on its trading debut Wednesday, but the cryptocurrency platform has caught the attention of famed fund manager Cathie Woods as ARK took a $250 million position in the stock a day earlier.  

Dow Closes Above 34,000 for First Time as Strong Earnings Keep Rally Alive
 

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Comments (10)
Eudon Hickey
Eudon Hickey Apr 15, 2021 9:18PM ET
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The numbers are cooked
Gold Fever
Gold Fever Apr 15, 2021 9:16PM ET
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That retail number means the stimulus is already gone, the next few months will tell
Dave Jones
Dave Jones Apr 15, 2021 7:01PM ET
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blow it up your big fat arse bubble boy...
Pedro Martins
Pedro Martins Apr 15, 2021 5:51PM ET
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crazy trump said that the stockmarket as going to drop A LOT after Biden's win
Adrian White
Adrian White Apr 15, 2021 5:51PM ET
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Crazy Trump said a lot of stooopid things. lol
Darryl Allen
Darryl Allen Apr 15, 2021 5:51PM ET
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he probably didn't expect Biden to add $2T of debt to the market
Majed Alkahtani
Majed Alkahtani Apr 15, 2021 5:46PM ET
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FYI ... The finicial sector closed down :)
Max German
7Max7 Apr 15, 2021 5:11PM ET
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"strong" earnings banks that cut loan reserves isnt earnings, pepsi also did not justify its current stock price, united health neither, delta shows reality market stays overbought and did only become worse today again
Unoqueva Alguno
Unoqueva Alguno Apr 15, 2021 4:53PM ET
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it is a good pic: the bubble gum is about to "crash".
Camacho FK
Camacho Apr 15, 2021 4:53PM ET
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Hahaha, nice one.
Adam Paine
Adam Paine Apr 15, 2021 4:53PM ET
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pop
Amine Fourali
Amine Fourali Apr 15, 2021 4:44PM ET
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Thanks to Uncle Jerome
Mario tragik
Mario tragik Apr 15, 2021 4:32PM ET
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We bulls are an unstoppable force.
Michael Garrett
Michael Garrett Apr 15, 2021 4:32PM ET
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ITS TRANSITORY
Joel Schwartz
Joel Schwartz Apr 15, 2021 4:32PM ET
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Look at a five year chart of lumber and tell me that again.
Jon Bal
Jon Bal Apr 15, 2021 4:32PM ET
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lot of people took up woodworking as a hobby during shutdowns is the only plausible explanation
 
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