Stock market live: S&P 500 rises to a fresh record closing huge

Stocks ended higher on Friday, with the S&P 500 and Nasdaq closing out the session at record levels.

The S&P 500 and Nasdaq each rose about 0.5 %, while the Dow finished only a tick above the flatline. U.S. stocks shook off earlier declines after tracking a drop in overseas equities, after new data showed that UK gross domestic product (GDP) slumped by a record 9.9 % in 2020 as a virus induced recession swept the country.

Shares of Dow component Disney (DIS) reversed earlier benefits to fall greater than 1 % and pull back from a record extremely high, after the company posted a surprise quarterly profit and cultivated Disney+ streaming subscribers much more than expected. Newly public business Bumble (BMBL), which began trading on the Nasdaq on Thursday, rose another seven % after jumping sixty three % in the public debut of its.

Over the past couple weeks, investors have absorbed a bevy of much stronger than expected earnings results, with company earnings rebounding much faster than expected despite the ongoing pandemic. With over 80 % of companies right now having claimed fourth-quarter outcomes, S&P 500 earnings per share (EPS) have topped estimates by 17 % in aggregate, and bounced back above pre-COVID amounts, based on an analysis by Credit Suisse analyst Jonathan Golub.

good government behavior and “Prompt mitigated the [virus related] damage, leading to outsized economic and earnings surprises,” Golub said. “The earnings recovery has been substantially more powerful than we might have imagined when the pandemic first took hold.”

Stocks have continued to set up fresh record highs against this backdrop, and as fiscal and monetary policy assistance remain robust. But as investors become comfortable with firming business functionality, companies may have to top even greater expectations to be rewarded. This may in turn put some pressure on the broader market in the near-term, as well as warrant more astute assessments of specific stocks, based on some strategists.

“It is actually no secret that S&P 500 performance has been very formidable over the past few calendar years, driven mainly through valuation expansion. Nonetheless, with the index P/E [price-to-earnings ratio] recently eclipsing its prior dot com extremely high, we think that valuation multiples will begin to compress in the coming months,” BMO Capital Markets strategist Brian Belski wrote in a note Thursday. “According to our work, strong EPS growth is going to be necessary for the next leg higher. Fortunately, that’s exactly what current expectations are forecasting. Nonetheless, we also realized that these kinds of’ EPS-driven’ periods tend to be tricky from an investment strategy standpoint.”

“We believe that the’ easy cash days’ are over for the time being and investors will have to tighten up the aim of theirs by evaluating the merits of individual stocks, as opposed to chasing the momentum laden practices which have recently dominated the investment landscape,” he added.

4:00 p.m. ET: Stocks end higher, S&P 500 and Nasdaq reach history closing highs
Here is where the key stock indexes ended the session:

S&P 500 (GSPC): +18.55 points (+0.47 %) to 3,934.93

Dow (DJI): +27.44 points (+0.09 %) to 31,458.14

Nasdaq (IXIC): +69.70 points (+0.5 %) to 14,095.47

2:58 p.m. ET:’ Climate change’ is the most cited Biden policy on company earnings calls: FactSet
Fourth-quarter earnings season marks the first with President Joe Biden in the White House, bringing the latest political backdrop for corporations to contemplate.

Biden’s policies around climate change and environmental protections have been the most-cited political issues brought up on company earnings calls thus far, based on an analysis from FactSet’s John Butters.

“In terms of government policies discussed in conjunction with the Biden administration, climate change and energy policy (twenty eight), tax policy (20 COVID-19 and) policy (19) have been cited or perhaps talked about by probably the highest number of businesses with this point on time in 2021,” Butters wrote. “Of these twenty eight firms, seventeen expressed support (or a willingness to work with) the Biden administration on policies to greatly reduce carbon and greenhouse gas emissions. These 17 firms possibly discussed initiatives to minimize their very own carbon as well as greenhouse gas emissions or services or goods they provide to support clients & customers reduce their carbon and greenhouse gas emissions.”

“However, four companies also expressed some concerns about the executive order starting a moratorium on new engine oil as well as gas leases on federal lands (and offshore),” he added.

The list of twenty eight companies discussing climate change and energy policy encompassed businesses from an extensive array of industries, like JPMorgan Chase, United Airlines Holdings and 3M, alongside standard oil majors as Chevron.

11:36 a.m. ET: Stocks mixed, S&P 500 and Nasdaq turn positive
Here is where marketplaces were trading Friday intraday:

S&P 500 (GSPC): +7.87 points (+0.2 %) to 3,924.25

Dow (DJI): -8.77 points (0.03 %) to 31,421.93

Nasdaq (IXIC): +28.15 points (+0.21 %) to 14,053.77

Crude (CL=F): +$0.65 (+1.12 %) to $58.89 a barrel

Gold (GC=F): +$0.20 (+0.01 %) to $1,827.00 per ounce

10-year Treasury (TNX): +2.7 bps to yield 1.185%

10:15 a.m. ET: Consumer sentiment unexpectedly plunges to a six-month low in February: U. Michigan
U.S. consumer sentiment slid to probably the lowest level after August in February, based on the University of Michigan’s preliminary once a month survey, as Americans’ assessments of the path ahead for the virus-stricken economy suddenly grew more grim.

The title consumer sentiment index dipped to 76.2 from 79.0 in January, sharply losing out on expectations for an increase to 80.9, according to Bloomberg consensus data.

The complete loss in February was “concentrated in the Expectation Index and among households with incomes below $75,000. Households with incomes of the bottom third reported significant setbacks in their current finances, with fewer of the households mentioning recent income gains than anytime since 2014,” Richard Curtin chief economist for the university’s Surveys of Consumers, said in a statement.

“Presumably a new round of stimulus payments will reduce fiscal hardships with those with probably the lowest incomes. Much more surprising was the finding that customers, despite the expected passage of a grand stimulus bill, viewed prospects for the national economy less favorably in early February compared to last month,” he added.

9:30 a.m. ET: Stocks open lower, but pace toward posting weekly gains
Here is where marketplaces had been trading just after the opening bell:

S&P 500 (GSPC): 8.31 points (-0.21 %) to 3,908.07

Dow (DJI): 19.64 (0.06 %) to 31,411.06

Nasdaq (IXIC): 53.51 (+0.41 %) to 13,970.45

Crude (CL=F): -1dolar1 0.23 (-0.39 %) to $58.01 a barrel

Gold (GC=F): 1dolar1 10.70 (-0.59 %) to $1,816.10 per ounce

10-year Treasury (TNX): +3.2 bps to yield 1.19%

9:05 a.m. ET: Equity funds see highest weekly inflows actually as investors pile into tech stocks: Bank of America
Stock cash just discovered the largest ever week of theirs of inflows for the period ended February ten, with inflows totaling a record $58.1 billion, as reported by Bank of America. Investors pulled a total of $800 million out of gold and $10.6 billion out of cash during the week, the firm added.

Tech stocks in turn saw the own record week of theirs of inflows at $5.4 billion. U.S. large cap stocks saw their second-largest week of inflows ever at $25.1 billion, and U.S. tiny cap inflows saw their third-largest week at $5.6 billion.

Bank of America warned that frothiness is actually rising in markets, however, as investors keep piling into stocks amid low interest rates, and hopes of a solid recovery for the economy and corporate earnings. The firm’s proprietary “Bull as well as Bear Indicator” tracking market sentiment rose to 7.7 from 7.5, nearing an 8.0 “sell” signal.

7:14 a.m. ET Friday: Stock futures point to a lower open
Here were the primary actions in markets, as of 7:16 a.m. ET Friday:

S&P 500 futures (ES=F): 3,904.00, printed 8.00 points or perhaps 0.2%

Dow futures (YM=F): 31,305.00, down fifty four points or even 0.17%

Nasdaq futures (NQ=F): 13,711.25, printed 17.75 points or 0.13%

Crude (CL=F): 1dolar1 0.43 (-0.74 %) to $57.81 a barrel

Gold (GC=F): 1dolar1 9.50 (0.52 %) to $1,817.30 per ounce

10-year Treasury (TNX): +0.5 bps to deliver 1.163%

6:03 p.m. ET Thursday: Stock futures tick higher
Here is where marketplaces were trading Thursday as over night trading kicked off:

S&P 500 futures (ES=F): 3,904.50, printed 7.5 points or 0.19%

Dow futures (YM=F): 31,327.00, down 32 points or perhaps 0.1%

Nasdaq futures (NQ=F): 13,703.5, down 25.5 points or perhaps 0.19%

Scroll to top