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

S&P 500, Dow Hit Record as Tech Shrugs Off Wobble After Yield Rise Eases

Stock MarketsApr 09, 2021 01:37PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 and Dow hit records again Friday as tech found its footing after yields gave back some their inflation-induced gains, while financials were led higher by banks ahead of their quarterly earnings next week.

The S&P 500 rose 0.25%, after hitting a record high of 4,108.38 he Dow Jones Industrial Average rose 0.28%, or 93 points and earlier rose to an all-time high of 33,654.15. The Nasdaq Composite was up 0.14%.

The Labor Department said Friday its producer price index for final demand increased 1% last month, a two-month high and above economists’ forecasts for 0.5%.

The latest signs of inflation, boosted U.S. bond yields, and briefly exerted pressure on growth sectors like tech. The spike in yields ran out of steam, helping tech clawback losses as the Federal Reserve has persistently downplayed the risk of runway inflation. The 10-year yields hit a of 1.687% but fell to about 1.648%.

"[T]here would be upward pressure on prices [from supply chain bottlenecks] that may be passed onto the consumer ... but we think that the effect would be temporary," Fed Chairman Jerome Powell said at virtual IMF panel discussion on Thursday.

 
“The rising costs that consumers will likely have to bear will not be repeated as the supply chain will adopt and become more efficient,” he added.

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

Amazon.com (NASDAQ:AMZN) rose 1.8% as the e-commerce giant defeated an attempt to unionize at its Bessemer, Alabama, fulfillment center.

Financials were led higher by regional banking stocks ahead of key quarterly results from major Wall Street expected next week.

State Street (NYSE:STT), Zions Bancorporation (NASDAQ:ZION) and Citizens Financial (NYSE:CFG) group were among the top gainers.

JPMorgan (NYSE:JPM), Citigroup (NYSE:C), Bank of America (NYSE:BAC), Wells Fargo & Company (NYSE:WFC) and Goldman Sachs (NYSE:GS) are set to report results next week. The banks are expected to show strong performance from trading and deals activity, with the latter boosted by the special purpose acquisition company, or SPAC, frenzy.

In industrials, Boeing (NYSE:BA) was in the spotlight after the aircraft maker reportedly urged 16 airline customers to ground the company’s 737 Max jets, citing electrical issues. The 737 Max aircraft was re-certified airworthy in November following a months-long grounding after two deadly crashes.

In other news, Tesla (NASDAQ:TSLA) appears to be reaping rewards for its big play on China – following the launch of its Giga Factory in 2019 – as the electric automaker sold 69,280 Shanghai-made Model 3s and Model Ys, according to an industry report.

S&P 500, Dow Hit Record as Tech Shrugs Off Wobble After Yield Rise Eases
 

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 (13)
Adam Paine
Adam Paine Apr 10, 2021 12:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Reality check: 1.Chip shortage is increasing worse forcing auto plant closures with no end in sight. 2. Inflation is running rampant which will undoubtedly push 10 year bond yeilds past 2% very quickly. 3. A massive global outbreak of Covid strains will severely dampen global economic recovery. Be a critical thinker and do your research. It will be hard to find the truth on the front page, but if you dig, it is there. I am a bear and it's not because I want to "burn" the bulls. Simply put, as Buffets said "when others are greedy, be fearful." I'm more fearful for my children's safety than my investments at this point. Be careful out there. Have a good weekend.
Robert Ja
Robert Ja Apr 09, 2021 3:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
a big pump then huge dump . its coming. its funny now there is no negative news anywhere all of a sudden ;)
HABIB SOMED
HABIB SOMED Apr 09, 2021 3:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
good
HABIB SOMED
HABIB SOMED Apr 09, 2021 3:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Farid
Blaines Canada
Blaines Canada Apr 09, 2021 3:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Remember that powell has 30 million invested in american stocks. That's why it still going up. He should be sentenced for this for sure.
Adam Paine
Adam Paine Apr 09, 2021 2:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I wonder how much of the market rise is attributed to people who received stimulus check that really didn't need it and are gambling it. It must be frustrating for the fed to see the money not in circulation.
Larson Leyson
Larson Leyson Apr 09, 2021 2:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
When will Biden stop asking for money? He sounds like a teenager daughter
Venkat Raman
Venkat Raman Apr 09, 2021 2:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
in order to remain competitive globally, we need to upgrade our infrastructure. else we will be toast in a decade. this is not a political issue. it should be a national issue.
Ronald Warren
Ronald Warren Apr 09, 2021 2:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Venkat Raman In order for the U.S. to keep our dollar as the reserve currency and maintain our position as #1, we must stop wasting money and take on a budget!!! China is #2 with only 8 trillion debt!! You get it??
Insanitygoes On
Insanitygoes On Apr 09, 2021 2:22PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How to use this? Anyone please advice
Mhb Ahmad
Mhb Ahmad Apr 09, 2021 2:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
what is green, everything is red but look at that how they manipulating it.
Tam Tak
Tam Tak Apr 09, 2021 1:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
0972980139
Adam Paine
Adam Paine Apr 09, 2021 1:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
one day, there will be no more shrugs left
Abdur Rob Abdur Rob
Abdur Rob Abdur Rob Apr 09, 2021 1:56PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
4080020100929630
Kamran Ali
Kamran Ali Apr 09, 2021 1:56PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
john dislias
john dislias Apr 09, 2021 1:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tencent ?
Abdur Rob Abdur Rob
Abdur Rob Abdur Rob Apr 09, 2021 1:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Rm 5000
Abdur Rob Abdur Rob
Abdur Rob Abdur Rob Apr 09, 2021 1:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Rm 500
Casador Del Oso
Casador Del Oso Apr 09, 2021 1:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Buffet Indicator says huge bubble. Look out below!
Mad Money
Mad Money Apr 09, 2021 1:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You been saying that for a year. Haha
Larson Leyson
Larson Leyson Apr 09, 2021 1:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Mad Money  a year is daytrade for buffett (and me)
john dislias
john dislias Apr 09, 2021 1:50PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Where is the records ? The small cap stocks ever day falling , etc tsm ,fcel ,csiq ,suminoto ,tops
john dislias
john dislias Apr 09, 2021 1:50PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Sesen ? From 3.5$ to 2.41 lol .
 
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