US Stocks Continue Rally to End the Week at New Highs

Source: solarseven, Shutterstock

The S&P 500 and Dow Jones Industrial Average continued their rally on Friday, April 16, 2021, to new highs. Both the indexes ended the week at new records following the strong corporate earnings and upbeat economic data. The performance of stocks in basic materials and utility sectors offset the decline in technology shares on Friday.

The S&P 500 surged 0.36 percent to 4185.47. The Dow Jones grew 0.48 percent to 34,200.67. The NASDAQ Composite Index rose 0.10 percent to close at 14,052.34.The small-cap Russell 2000 was also up 0.25 percent to 2,262.67.

Top banks including JP Morgan, Wells Fargo, Citigroup and Goldman Sachs reported strong earnings this week. Morgan Stanley’s first-quarter net income jumped to US$3.98 billion from US$1.59 billion in the year-ago period. The bank said it took a US$644 million loss from a single prime brokerage client and a follow-up trading loss of US$267 million.

General Motors said on Friday its joint venture with LG Energy Solution will invest US$2.3 billion for a second Ultium battery cell manufacturing plant in Spring Hill, Tennessee.

Meanwhile, reports on China’s 18.3 percent GDP growth during the first quarter hinted at a global economic recovery.

Corporates scheduled to report their first quarter earnings next week include Coca-Cola Company, Johnson & Johnson, Procter & Gamble Company, Intel Corporation will report their first quarter earnings next week.

Source: Pixabay

Top Gainers

Top performers on S&P 500 included PPG Industries Inc. (8.73%), Alexion Pharmaceuticals Inc. (3.90%), Sherwin-Williams Co. (3.80%) and Wells Fargo & Co. (3.79%).

General Finance Corp. (55.71%), Mer Telemanagement Solutions Ltd. (34.49%), Tian Ruixiang Holdings Ltd. (30.96%) and INmune Bio Inc. (26.46%) were the top performers on NASDAQ.

On Dow Jones, Cisco Systems Inc. (2.25%), Home Depot Inc. (1.65%), Johnson & Johnson (1.15%) and Goldman Sachs Group Inc. (1.11%) gained the most.

Top Losers

Top laggards on S&P 500 included State Street Corp. (7.03%), Bank of New York Mellon Corp. (4.04%), EOG Resources Inc. (3.19%) and Marathon Oil Corp. (2.86%).

Sequential Brands Group Inc. (36.85%), Wilhelmina International Inc. (32.41%), NXT-ID Inc. (25.96%) and Siyata Mobile Inc. (24.49%) were among the top losers on NASDAQ.

On Dow Jones, Boeing Co. (1.17%), Walgreens Boots Alliance Inc. (0.78%), Salesforce.Com Inc. (0.47%) and Chevron Corp. (0.44%) were the laggards.

Volume Movers

Top volume movers are Clover Health Investments Corp. (33.23M), Apple Inc. (22.48M), Sundial Growers Inc. (21.32M), Plug Power Inc. (15.41M), Fuelcell Energy Inc. (15.41M),  Bank of America Corp. (13.42M), Pfizer Inc. (12.13M), Wells Fargo & Co. (11.92M), General Electric Co. (11.67M) and ViacomCBS Inc. (11.09M)

Image Source: Refinitiv, S&P 500 one week performance

Futures & Commodities

Gold futures surged 0.57 percent to US$ 1,776.90 per ounce on Friday. Silver grew 0.26 percent to US$26.032 per ounce while copper fell 1.23 percent to US$4.1665.

Brent oil futures declined 0.34 percent to US$66.71 while WTI crude dropped 0.60 percent to US$63.08 per barrel.

Bond Market

The 30-year Treasury bond yields grew 3.25 percent rose to 2.281 and the 10-year bond yields increased 3.95 percent to 1.590.

US Dollar Futures Index was down 0.10 percent to US$ 91.530.

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