US Market gains on upbeat economic data

The US stock market finished session higher on Friday, 23 April 2021, as fresh economic data underscored that a strong economic recovery is under way. At the close of trade, the Dow Jones Industrial Average index advanced 227.59 points or 0.67% to 34,043. The S&P 500 index increased 45.19 points or 1.09% to 4,180. The tech-heavy Nasdaq Composite Index gained 198.40 points or 1.44% 14,017.

The gains were shared broadly by nearly every sector in the index. Technology companies accounted for a big slice of the rally, along with banks, communication stocks and companies that rely on consumer spending. The utilities and consumer staples sectors closed slightly lower.

ECONOMIC NEWS: The Commerce Department released a report showing new home sales skyrocketed by 20.7% to an annual rate of 1.021 million in March after plunging by 16.2% to a revised rate of 846,000 in February.

The flash reading for the U.S. Composite Output Index stood at 62.2 in April, up from 59.7 in March, preliminary data from IHS Markit showed Friday. IHS Markit's flash U.S. Services Business Activity Index came in at 63.1 in April, up from 60.4 in March and a series record high. IHS Markit Manufacturing PMI was 60.6 in April, up from 59.1 in March.

In overseas trading, Asia-Pacific stock markets were mixed on Friday. Japan's Nikkei 225 Index slid by 0.6%, while China's Shanghai Composite Index rose by 0.3%. Meanwhile, European market closed mostly lower. The French CAC 40 Index dipped by 0.2% and the German DAX Index fell by 0.3% while the U.K.'s FTSE 100 Index closed nearly unchanged.

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