S&P 500 and Nasdaq Set Record Highs as Stocks Get Earnings Boost
Boost #Boost
Stocks rose Friday as earnings optimism lifted the three benchmark U.S. indexes to near all-time highs.
The Dow Jones Industrial Average was up 216 points, or 0.62%, to 35,039 and the S&P 500 rose 0.83%. The Nasdaq gained 0.8% and set an all-time intraday high on Friday.
Stocks were on track for a fourth day of gains and a weekly advance.
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Better-than-expected results from Twitter and Snap lifted other social media names like Facebook .
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Intel song and dance loses me. But my oh my that SNAP call was as good as we thought it would be! Twitter's fine… let's get this show going!!
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The yield on the benchmark 10-year Treasury rose early Friday to 1.295%, recovering from lows earlier in the week, even as investors have begun worrying that inflation has bled deeper into both corporate profit projections and the broader global supply chain.
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Extra emphasis, therefore, will be placed on next week’s Federal Reserve rate-setting meeting, with markets now wondering if Chairman Jerome Powell will signal an end to bond purchases when growth and employment prospects are so sensitive to the rise in delta-variant infections.
Stocks finished modestly higher Thursday as strong corporate earnings outweighed a surprising jump in U.S. unemployment claims.
Honeywell International posted stronger-than-expected second-quarter earnings and boosted its full-year profit outlook partly because of improving sales in its aerospace division.
Quarterly earnings at American Express were better than expected thanks to a post-pandemic boom in consumer spending and the release of loan loss reserves.
Snap soared Friday after user growth during the company’s second quarter jumped the most in four years.
Snapchat had 293 million daily active users in the second quarter, which also beat
analysts’ expectations. The company added 13 million daily average users during the three months ended in June.
Intel issued a third-quarter sales outlook that failed to excite investors while CEO Pat Gelsinger said the global chip shortage could extend into 2023.
Shares of the world’s biggest semiconductor maker slumped Friday, falling more than 5%.
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This article was originally published by TheStreet.