Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dow, S&P close at records as Disney offsets drop in sentiment

Stock Markets Aug 13, 2021 07:11PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 5, 2021. REUTERS/Andrew Kelly 2/2

By Chuck Mikolajczak

NEW YORK (Reuters) - The Dow Industrial and S&P 500 edged up to closing records on Friday and notched a second straight week of gains, buoyed by a climb in Walt Disney (NYSE:DIS) shares, but a sharp drop in consumer sentiment kept gains in check.

Walt Disney rose 1.00% as one of the biggest boosts to both the Dow and benchmark S&P index after its profit topped market expectations as its streaming services added more customers than expected and its pandemic-hit U.S. theme parks returned to profitability.

But a report from the University of Michigan dented optimism after it showed the university's preliminary consumer sentiment index fell to 70.2, its lowest level in a decade, suggesting that the Delta variant of the coronavirus was impacting consumers.

"That is concerning, the consumer is by all accounts in an extremely strong position but there is this kind of COVID fatigue that is really starting to wear on people’s sentiment," said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky.

"Regardless of lockdown or full reopen, the consumer is healthy enough to spend and kind of keep the economy afloat, it will be different names and different sectors that become the beneficiaries of it."

The report sent the yield on the 10-year U.S. Treasury note lower and in turn helped lift mega-cap growth names, such as Microsoft Corp (NASDAQ:MSFT), up 1.05%, while online retail giant Amazon (NASDAQ:AMZN) slipped 0.29%.

The Dow Jones Industrial Average rose 15.53 points, or 0.04%, to 35,515.38, the S&P 500 gained 7.17 points, or 0.16%, to 4,468 and the Nasdaq Composite added 6.64 points, or 0.04%, to 14,822.90.

For the week, the Dow gained 0.87%, the S&P 500 advanced 0.71% and the Nasdaq slipped 0.09%.

U.S. stocks have managed to slowly grind to new highs over the past few sessions as investor confidence in economic recovery was bolstered by a strong earnings season, the passage of a large infrastructure bill and data showing inflation may be increasing at a slower pace than feared.

In the wake of new data from earlier this week that showed consumer price increases slowed in July, while producer prices posted their biggest annual rise in more than a decade, investors are now looking ahead to the meeting of central bankers in Jackson Hole, Wyoming, later this month for cues on policy.

In recent days, several Fed officials said it is nearly time for the central bank to begin pulling back on its monetary support, including the tapering of its asset purchases.

DoorDash Inc rose 3.50% in choppy trading after the food-delivery firm's loss widened more than expected in the second quarter.

Airbnb Inc gained 1.07% as it recovered from earlier declines, after it flagged a hit to its current-quarter bookings by the Delta variant and a slowing pace of U.S. vaccination.

Volume on U.S. exchanges was 7.99 billion shares, compared with the 9.42 billion average for the full session over the last 20 trading days.

The S&P 500 posted 60 new 52-week highs and no new lows; the Nasdaq Composite recorded 87 new highs and 159 new lows.

Dow, S&P close at records as Disney offsets drop in sentiment
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other 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, don’t trash it.

  •           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. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. 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 (5)
Israel Eno
Israel Eno Aug 13, 2021 11:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
university
Mitchel Pioneer
Mitchel Pioneer Aug 13, 2021 11:38AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The Friday FRAUD unfolds in living color.  How about that floor at the break-even point.  Miraculous how there's no profit taking with once record close after another.  Remarkable how millions of global participants time their "buying" so precisely to keep the laughingstock of the financial world green.  Can't have a loss going into the weekend, now can we?  The greatest financial fraud in history will send America into another weekend with a financial knife in their back.
Stan Smith
Stan Smith Aug 13, 2021 11:38AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wall St wants as many 'All Time High Bag holders' as possible when it pulls the plug. That's how these wonderful people of the financial world work.
Stan Smith
Stan Smith Aug 13, 2021 11:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wait...what, how? Consumer sentiment is at all time lows but Disney saves the day. c'mon this is getting pathetic!
Francesco Lucchesi
Francesco Lucchesi Aug 13, 2021 11:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
it is totally pathetic
Ricardo Diogo
Rcd72 Aug 13, 2021 11:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
it is the "transitory"... fraud. pathetic
Ronald Warren
Ronald Warren Aug 13, 2021 11:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This market is a fraud. No Good Data this week and still headed to new records. However, oil corrected properly.
Francesco Lucchesi
Francesco Lucchesi Aug 13, 2021 11:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
it's an absolute joke 🤣
Francesco Lucchesi
Francesco Lucchesi Aug 13, 2021 9:45AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
quality article
 
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
Continue with Google
or
Sign up with Email