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CNBC ^
The S&P 500 and Nasdaq Composite closed at record highs on Friday as better-than-expected economic data offset a mixed batch of corporate earnings.
The S&P 500 climbed 0.5% to 2,939.88, an all-time closing high. The tech-heavy Nasdaq ended the day up 0.3% at 8,146.40. The Dow Jones Industrial Average rose 81.25 points to 26,543.33 and closed 1.5% below its all-time high.
First-quarter gross domestic product was 3.2%, the Commerce Department said on Friday, topping the consensus economist estimate of 2.5%, according to Dow Jones. An increase in exports drove the better-than-expected number.
“The economic expansion will set new records for longevity in July and it looks like there is no stopping this economy,” said Chris Rupkey, chief financial economist at MUFG, in a note. “We had all but given up on the first quarter with the Federal government shutdown ending January 25, frigid winter weather conditions shutting down manufacturing production, and the fears of a world growth slowdown.”
“So far the fears are unfounded,” Rupkey said.
The major indexes hovered around the flatline for most of the session as companies like Exxon Mobil and Intel delivered quarterly reports that disappointed investors.
Dow member Exxon fell more than 2% after the company’s results were dragged down by poor performances in its refining and chemicals businesses. Intel, another Dow component, fell 9% after the company issued light revenue guidance for the year. The stock also posted its biggest one-day drop since 2016.
“The burden of proof is fairly high,” said Eric Wiegand, senior portfolio manager at U.S. Bank Wealth Management. “Investors’ appetite for companies that either disappoint or offer lower guidance on a go-forward basis tends to be met with a pretty sharp reaction.”
Those results overshadowed stronger-than-expected numbers from companies like Amazon and Ford Motor
Trumponomivs keeps moving along....why vote in a DemonRAT and fuck it all up?
CNBC ^
The S&P 500 and Nasdaq Composite closed at record highs on Friday as better-than-expected economic data offset a mixed batch of corporate earnings.
The S&P 500 climbed 0.5% to 2,939.88, an all-time closing high. The tech-heavy Nasdaq ended the day up 0.3% at 8,146.40. The Dow Jones Industrial Average rose 81.25 points to 26,543.33 and closed 1.5% below its all-time high.
First-quarter gross domestic product was 3.2%, the Commerce Department said on Friday, topping the consensus economist estimate of 2.5%, according to Dow Jones. An increase in exports drove the better-than-expected number.
“The economic expansion will set new records for longevity in July and it looks like there is no stopping this economy,” said Chris Rupkey, chief financial economist at MUFG, in a note. “We had all but given up on the first quarter with the Federal government shutdown ending January 25, frigid winter weather conditions shutting down manufacturing production, and the fears of a world growth slowdown.”
“So far the fears are unfounded,” Rupkey said.
The major indexes hovered around the flatline for most of the session as companies like Exxon Mobil and Intel delivered quarterly reports that disappointed investors.
Dow member Exxon fell more than 2% after the company’s results were dragged down by poor performances in its refining and chemicals businesses. Intel, another Dow component, fell 9% after the company issued light revenue guidance for the year. The stock also posted its biggest one-day drop since 2016.
“The burden of proof is fairly high,” said Eric Wiegand, senior portfolio manager at U.S. Bank Wealth Management. “Investors’ appetite for companies that either disappoint or offer lower guidance on a go-forward basis tends to be met with a pretty sharp reaction.”
Those results overshadowed stronger-than-expected numbers from companies like Amazon and Ford Motor
Trumponomivs keeps moving along....why vote in a DemonRAT and fuck it all up?