You are here: Home » News-CM » International » Market Report
Business Standard

US Stocks end mostly higher

Capital Market 

The US stocks were mostly higher on Monday, 03 May 2021, with the Dow Jones Industrial Average and the S&P 500 indexes settling higher on largely upbeat earnings and economic news, while Nasdaq Composite finished lower on profit booking after closing at new record highs last week.

At the close of trade, the Dow Jones Industrial Average index inclined 238.38 points, or 0.7%, to 34,113. The S&P 500 index was up 11.49 points, or 0.27%, at 4,193. The tech-heavy Nasdaq Composite Index fell 67.56 points, or 0.48%, to 13,895.

Shares tied to the economic reopening rallied on relaxed pandemic restrictions. New York Governor Andrew Cuomo announced capacity limits for most businesses in New York, New Jersey and Connecticut will be lifted beginning May 19. Separately, Florida Governor Ron DeSantis signed an executive order immediately suspending all local COVID-19 emergency mandates in the Sunshine State. Royal Caribbean and American Airlines rose more than 1% each. Gap rallied more than 7%.

Dillard's rose nearly 10%, while Macy jumped 8%. Urban Outfitters and Kohl's both gained more than 5%.

Berkshire Hathaway shares rose 1.6% after Warren Buffett's conglomerate reported a 20% surge in earnings and continued to buy back large amounts of its own shares..

Shares of Verizon rose 0.2% after the telecom giant said it will sell its media group to Apollo Global Management for US$5 billion.

Moderna shares rose 4% after a vaccine supply deal with COVAX. Pfizer (+3.1%) will begin exporting US made doses of the Covid-19 vaccine.

ECONOMIC NEWS: US Construction Spending Marginally Higher By 0.2% In March- US construction spending inched up by 0.2% to an annual rate of $1.513 trillion in March after falling by 0.6% to a revised rate of $1.510 trillion in February, the Commerce Department reported on Monday. The uptick in construction spending came as spending on residential construction surged up by 1.7% to an annual rate of $725.2 billion. On the other hand, the report showed spending on non-residential construction slid by 0.9% to an annual rate of $444.0 billion. Spending on public construction also tumbled by 1.5% to an annual rate of $343.9 billion, reflecting steep drops in spending on both educational and highway construction. Compared to the same month a year ago, total construction spending in March was up by 5.3%.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, May 04 2021. 08:33 IST