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Microsoft and Amazon lead S&P 500 to 4,000 points

Stock MarketsApr 01, 2021 02:26PM ET
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© Reuters. FILE PHOTO: A child leaps off a bench outside the NYSE in New York

By Noel Randewich

(Reuters) - The S&P 500 jumped past the 4,000 mark for the first time on Thursday, riding gains in Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL), as well as optimism about a recovering U.S. economy.

Microsoft, Amazon, Alphabet and Nvidia (NASDAQ:NVDA) jumped 1% or more, with those and other growth stocks showing signs of awakening after lagging in recent weeks behind so-called value stocks expected to outperform as the economy recovers from the coronavirus pandemic.

Data showed the number of Americans filing new claims for unemployment benefits rose unexpectedly last week. However, other data showed a measure of manufacturing activity soared to its strongest level in more than 37 years in March, with employment at factories the highest since February 2018.

In afternoon trading, the Dow Jones Industrial Average was up 0.5% at 33,145.88 points, while the S&P 500 gained 0.95% to 4,010.77.

The Nasdaq Composite added 1.48% to 13,442.31.

With its latest intra-day record, the S&P 500 was up about 7% in 2021, and has gained about 80% from its low in March 2020.

"We’re still bullish for this year, and we think that with stimulus, with the Fed committed to being dovish, with the economy reopening due to more of the U.S. getting vaccinated, overall you're going see corporate earnings do pretty well," said King Lip, chief investment strategist at Baker Avenue Asset Management in San Francisco.

The Nasdaq remained about 5% below its Feb. 12 record high close, still smarting as higher U.S. bond yields hurt technology stocks.

Nine of the 11 major S&P sectors rose, with technology, communication services and energy gaining more than 1%.

Micron Technology Inc (NASDAQ:MU) jumped 4% after the chipmaker forecast fiscal third-quarter revenue above Wall Street estimates due to higher demand for memory chips, thanks to 5G smartphones and artificial intelligence software.

U.S.-listed shares of rival Taiwan Semiconductor rose 3.7% after it said it will invest $100 billion over three years to meet rising chip demand.

The three main indexes are set to close out a holiday-shortened week with gains, led by the Nasdaq. U.S. stock markets will close for the Good Friday holiday.

The CBOE volatility index slipped below 18 points for the first time in 14 months, a level last seen before the coronavirus-driven global financial market meltdown in March 2020.

Johnson & Johnson (NYSE:JNJ) fell 0.5% after the drugmaker said it had found a problem with a batch of the drug substance for its COVID-19 vaccine being produced by Emergent Biosolutions (NYSE:EBS), whose shares tumbled 14%.

Advancing issues outnumbered declining ones on the NYSE by a 3.42-to-1 ratio; on Nasdaq, a 2.66-to-1 ratio favored advancers.

The S&P 500 posted 25 new 52-week highs and no new lows; the Nasdaq Composite recorded 73 new highs and 11 new lows.

Microsoft and Amazon lead S&P 500 to 4,000 points
 

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Comments (13)
Chris Sundo
Chris Sundo Apr 01, 2021 6:50PM ET
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Neither AMZN, MSFT, nor GOOGL are listed on the S&P500 but are listed on NASDAQ. So how can these tickers 'lead the s&p ...'?
Theipan Faiz
Theipan Faiz Apr 01, 2021 3:52PM ET
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i dont understand this either. in europe everything is closed and we have curfew, but the eur is still strong
Theipan Faiz
Theipan Faiz Apr 01, 2021 3:52PM ET
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i dont understand this either. in europe everything is closed and we have curfew, but the eur is still strong
perplexed76 .
perplexed76 . Apr 01, 2021 1:43PM ET
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so unrecovered companies cost more than before illness because they soon recover.
Mitchel Pioneer
Mitchel Pioneer Apr 01, 2021 1:40PM ET
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The US Ponzi Scheme, greatest investment fraud in history, and biggest investment joke in the world, starts a new quarter by plunging a financial knife in the back of America, as the criminal manipulation continues in broad daylight.
Michael Angelo
Michael Angelo Apr 01, 2021 1:29PM ET
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Ok. what you were expecting. All sounds rosy. Althouse crying is because are out of the market. Have patience, probably one day will have rematch. Meanwhile suffer and watch. Seen these for the last 10 years.
Stan Smith
Stan Smith Apr 01, 2021 12:43PM ET
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What about the plunging dollar???. Soon Americans won't be able to afford food let alone stocks
Pongrac Kacsa
Pongrac Kacsa Apr 01, 2021 12:43PM ET
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i dont understand this either. in europe everything is closed and we have curfew, but the eur is still strong
Jack Zhang
Jack_A Apr 01, 2021 12:41PM ET
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market -- money reserve
Max German
7Max7 Apr 01, 2021 12:36PM ET
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jobless shows real economy not those surveys lol
Oliver Brecht
Oliver Brecht Apr 01, 2021 12:22PM ET
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A little bit of optimism feels good!
Doitch Caso
Doitch Caso Apr 01, 2021 10:59AM ET
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Free money for everyone - backup your wheelbarrows to the Fed’s cargo bay! Never mind that one day in the not too diatant future this whole thing will implode so fast that it’s going to take years to dig out of the rubble this sheer insanity will have wrought upon us all... just saying, ladies and gents, just saying...
Kaveh Sun
Kaveh Sun Apr 01, 2021 10:48AM ET
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Reuters writer recycle nees again. It is Biden plan that moves the market.
Casador Del Oso
Casador Del Oso Apr 01, 2021 9:40AM ET
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Unemployment numbers do not matter...for now.
 
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