Stock market today
All major US stock indices closed higher today. The S&P 500 made a new record high, and Nasdaq outperformed. Dow Jones closed 57 points higher. The closing numbers for the US stock market today are as follows.
S&P 500: 4,097.17,+17.22(+0.42%)
Dow 30: 33,503.57,+57.31(+0.17%)
Russell 2000: 2,242.60,+19.54(+0.88%)
Stock market news today
“Stocks rallied on Thursday, with the broader market reaching a new record while technology and blue-chip stocks flirting with recent records, as investors brace themselves for the flood of first-quarter earnings likely to show Corporate America coasting on an incipient economic boom.
Technology stocks outperformed, leading the Nasdaq to its best close since February and S&P 500 to a fresh peak, , Shares of Alphabet (GOOGL), Microsoft (MSFT) and Facebook (FB) each also hit all-time highs. Meanwhile, the Dow edged higher in quiet trading, closing just shy of its intraday record near 33,618.
Since scaling to new highs last week, stocks have been trading in a holding pattern for much of this week. Risk assets got a small boost after the Federal Reserve signaled in its March meeting minutes that most monetary policymakers favored keeping monetary policy highly accommodative as the economic recovery continues, signaling that they will hold off on tightening at the first signs of inflation during the rebound.
“A big part of this is making sure the vaccine-led recovery is firmly rooted, and that won’t be clear until somewhere in the second half of this year. So it’s possible that as we look out to the late summer timeframe or early fall that that’s something that we could consider at that point,” Jeffrey Kleintop, Charles Schwab chief global investment strategist, told Yahoo Finance.
“But until then, there’s still a lot of risks. and just to backtrack it, we know that monetary policy works with a lag, and so it makes more sense to ensure that we’re on solid footing before you begin to take your foot off the pedal,” Kleintop added.
In absence of major economic data releases or earnings this week, investors have fixed their focus to next week, when corporate results for the first three months of 2021 will begin to trickle in.
Estimates have been revised up by a record margin over the past several weeks, as analysts took into account the expected earnings growth coming alongside increasing economic growth. Cyclical stocks like financials and energy names, which have profits closely linked to the pace of the economic recovery, have been among the biggest recent beneficiaries.”
Stock market data: Yahoo Finance