US Dow and S&P 500 ends at new record high

The US stocks broadly advanced on Friday, 07 May 2021, buoying up the Dow Jones Industrial Average and the S&P 500 to new record closing highs, as weaker than expected job growth in the month of April reinforced the view the Federal Reserve will leave ultra-easy monetary policy in place for the foreseeable future. A raft of upbeat earnings also helped stocks.

At the close of trade, the Dow Jones Industrial Average index inclined 229.23 points, or 0.66%, to 34,778. The S&P 500 index was up 30.98 points, or 0.74%, at 4,233. The tech-heavy Nasdaq Composite Index added 119.39 points, or 0.88%, to 13,752. For the week, the S&P 500 and Dow gained 1.2% and 2.7% respectively, while the Nasdaq was down 1.5%.

 

All 11 major S&P 500 sectors closed higher, with energy, industrials, materials, consumer discretionary, and realty issues led sectoral advances.

Oil service stocks led market rally amid a modest increase by the price of crude oil, with crude for June delivery rising $0.19 to $64.90 a barrel. Considerable strength was also visible among airlines and steel stocks.

Heavily-weighted growth stocks such as Microsoft Corp and Apple Inc rose by 1.1% and 0.5%, respectively.

Payments firm Square Inc rose 4.2% after reporting a better-than-expected quarterly profit, as surging demand for bitcoin fueled a jump in cryptocurrency transactions on its application.

Streaming device maker Roku Inc jumped 11.5% following an upbeat revenue outlook, while fitness equipment maker Peloton Interactive Inc gained as it laid out steps to improve the safety of its equipment.

ECONOMIC NEWS: Labor Department report showed non-farm payroll employment rose by 266,000 jobs in April after surging by a downwardly revised 770,000 jobs in March. The report also showed the unemployment rate inched up to 6.1% in April from 6% in March

Among Indian ADR, HDFC Bank rose 1.19% to $71.39, ICICI Bank added 0.12% to $16.68, Tata Motors added 0.93% to $20.58, Wipro added 0.53% to $7.56, Dr Reddys Labs added 0.47% to $71.02, WNS Holdings added 0.17% to $71.37, and Vedanta added 5.71% to $15.73. INFOSYS fell 1.18% to $18.38.

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