Saturday, December 4, 2021

S&P 500 closes at record high

On Wall Street, the S&P 500 closed at a record high yesterday, fueled by gains in Facebook following its strong earnings report, while investors awaited upcoming results from Amazon.

Facebook Inc surged to an intra-day all-time high after beating market expectations for quarterly revenue and profit late Wednesday, helped by a surge in digital ad spending during the pandemic and higher ad prices.

Apple Inc. was nearly unchanged after posting sales and profit late on Wednesday ahead of Wall Street estimates on strong iPhone and Mac sales.
 Of the 265 companies in the S&P 500 that have reported so far, 87 percent have topped analysts’ earnings estimates, with Refinitiv IBES data now predicting a 45 percent jump in profit growth.

US economic growth stood at 6.4 percent annualized rate last quarter, the government said in its advance estimate for the first three months of the year. It was the biggest first-quarter increase in growth since 1984

Also, a labor market report showed 553,000 people filed for unemployment benefits last week.

So, the Dow Jones Industrial Average climbed 240 points, or 0.7 percent, to end at 34,060. The S&P 500 rose 28 points, or 0.7 percent, to close at 4,210. And the Nasdaq Composite added 32 points, to 14,083.

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