Stock market today
The US stock market closed higher reaching record highs. Dow Jones closed above the 34,000 level and Nasdaq closed above the 14,000 level. The closing numbers for the US stock market today are the following.
S&P 500: 4,170.42,+45.76(+1.11%)
Dow 30: 34,035.99,+305.10(+0.90%)
Russell 2000: 2,257.07,+9.35(+0.42%)
Stock market news today
“Stocks jumped Thursday to reach record levels as traders eyed a much stronger than expected print on consumer spending and a sharp improvement in the number of new jobless claims.
The Dow gained more than 200 points, or about 0.7%, to reach a record intraday high and break above the 34,000 level. The S&P 500 and Nasdaq also rose to reverse declines from a day earlier, with tech stocks leading the Nasdaq higher by more than 1%. Shares of Coinbase (COIN), the largest cryptocurrency exchange in the U.S., jumped after closing below its opening trade price in a volatile first day on the public markets.
Traders digested a key print on the strength of the U.S. consumer on Thursday, with the Commerce Department’s March retail sales showing the best monthly rise in retail sales since May 2020. Retail sales surged by 9.8%, with stimulus checks and easing social distancing standards helping fuel the gain.
“What caught our eye was the 13.4% surge in spending on food and drink services, while clothing store sales were up by 18.1%. Relative to pre-pandemic levels, food and drink services sales are down just 5.1%, while clothing store sales are now higher than they were in February 2020,” Michael Pearce, senior U.S. economist for Capital Economics, said in an email Thursday. “That suggests a combination of loosening restrictions and easing of virus fears linked to the vaccine rollout are driving a rapid return to normalcy.”
“Spending will almost certainly drop back in April as some of the stimulus boost wears off, but with the vaccination rollout proceeding at a rapid pace and households finances in strong shape, we expect overall consumption growth to continue rebounding rapidly in the second quarter too,” he added.
Meanwhile, a new print on weekly jobless claims showed a plunge in new claims to a fresh pandemic-era low.
Members of the Federal Reserve have also underscored the recent pick-up in economic activity. In the Fed’s Beige Book, or collection of anecdotes about economic conditions across the Fed districts, the central bank noted that “national activity accelerated to a moderate pace from late February to early April,” with the leisure and hospitality industry especially boosted by rising demand for travel.”
Stock market data: Yahoo Finance