Dow, S&P rally to record highs, Boeing, Google lead
Oracle Corp. cloud sales missed estimates
Stocks hit record highs a day after President Biden signed the $1.9 trillion COVID-19 relief plan which cleared Congress on Wednesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43268.94 | -120.66 | -0.28% |
| SP500 | S&P 500 | 5916.98 | +23.36 | +0.40% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18987.468095 | +195.66 | +1.04% |
The Dow was ralllied 188 points, or 0.58%, while the S&P 500 and the Nasdaq Composite advanced 1.04% and 2.52%, respectively. Both the Dow and the S&P ended at all-time highs.
Boeing and Google two of the session's leading stocks, along with the Russell 2000, a basket of U.S. focused companies, closed at a fresh record.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 145.41 | +1.52 | +1.06% |
| GOOGL | ALPHABET INC. | 178.12 | +2.82 | +1.61% |
| IWM | ISHARES TRUST RUSSELL 2000 ETF | 230.65 | +1.69 | +0.74% |
The gains, which occurred as bond yields ease, came a day after the Dow closed above 32,000 for the first time.
The further easing of bond yields had high-flying technology stocks, including Tesla, outperforming.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 346.00 | +7.26 | +2.14% |
In earnings, Oracle Corp. posted cloud revenue that fell short of expectations but its sales of more than $10 billion put the company on track for a record year. The enterprise software company increased its dividend payout and the size of its share repurchase program.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ORCL | ORACLE CORP. | 188.91 | +3.16 | +1.70% |
| AMC | AMC ENTERTAINMENT | 4.33 | -0.03 | -0.69% |
AMC Entertainment Holdings Inc. reported stronger-than-expected quarterly revenue and said as of Friday about 90% of its U.S. theaters have reopened. The company said COVID-19 vaccines and a number of blockbuster releases will lift sales this year.
Meanwhile, Coupang LLC surged 81% in their opening trade on the New York Stock Exchange. The so-called Amazon of South Korea opened at $63.50 per share after pricing at $35 on Wednesday evening.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CPNG | COUPANG | 24.19 | -0.17 | -0.70% |
| RBLX | ROBLOX CORP. | 52.24 | +1.21 | +2.37% |
Shares of video game maker Roblox Corp. were sharply higher after a filing showed investment manager Cathie Wood purchased more than 50,000 shares during its New York Stock Exchange debut. The stock gained 54% on Wednesday, closing at $69.50 after setting a reference price of $45.
In commodities, West Texas Intermediate crude oil rose $1.58 to $66.02 per barrel and gold gained 80 cents to $1,722.30 an ounce.
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In Europe, France’s CAC 40 and Germany’s DAX 30 rallied 0.72% and 0.2%, respectively, after the European Central Bank said it would purchase bonds at a "significantly faster" pace than the curent level. Elsewhere in the region, Britain’s FTSE 100 ticked higher by 0.17%.
Asian markets rallied across the board with China’s Shanghai Composite advancing 2.36%, Hong Kong’s Hang Seng Index climbing 1.65% and Japan’s Nikkei 225 adding 0.6%.