Tech company gains help push S&P 500 to record high | National News
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Men wearing protective masks stand in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm as a car passes by in Tokyo Friday, April 9, 2021. Shares fell Friday in most Asian markets after China reported a stronger than expected rise in prices that could prompt authorities to act to cool inflation.
A man wearing a protective mask walks in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo Friday, April 9, 2021.
A man wearing a protective mask walks in front of an electronic stock board showing Japan’s Nikkei 225 and New York Dow indexes at a securities firm in Tokyo Friday, April 9, 2021. Shares fell Friday in most Asian markets after China reported a stronger than expected rise in prices that could prompt authorities to act to cool inflation.
People wearing protective masks stand in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo Friday, April 9, 2021. Shares fell Friday in most Asian markets after China reported a stronger than expected rise in prices that could prompt authorities to act to cool inflation.
A man looks at an electronic stock board showing Japan’s Nikkei 225 and the Asian indexes at a securities firm in Tokyo Friday, April 9, 2021. Shares fell Friday in most Asian markets after China reported a stronger than expected rise in prices that could prompt authorities to act to cool inflation.
FILE – The New York Stock Exchange is seen in New York, Monday, Nov. 23, 2020. Stocks were moderately higher in early trading Thursday, April 8, 2021, helped again by large technology stocks that have benefitted from a drop in bond yields.
FILE – In this Feb. 16, 2021 file photo, pedestrians pass the New York Stock Exchange in New York. Stocks were slightly higher in early trading Friday, April 9, as a rise in bond yields helped lift the shares of energy and bank companies in the early going.
In this photo provided by the New York Stock Exchange, Adam Logan, foreground, works with a fellow trader on the floor, Friday, April 9, 2021. Technology companies helped lift stocks higher on Wall Street in afternoon trading Friday, placing the market within striking distance of more record highs.
Wall Street capped another week of gains with more milestones Friday, as strength in technology and health care stocks helped push the S&P 500 and Dow Jones Industrial Average to all-time highs.
The S&P 500 rose 0.8% for its fourth record high this week and third straight weekly gain. The Dow’s latest milestone followed an all-time high on Monday.
Stocks have benefited this week as bond yields, which had been steadily ticking higher, retreated from highs hit earlier in the month. Higher yields can slow down the economy by pushing up interest rates, making it more expensive for people and businesses to borrow money. Bond yields rose Friday, but that didn’t weigh on stocks.
“The S&P 500 finished at another all-time high today as investors have become comfortable enough with the current level of interest rates and inflation to keep putting money into equities,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
A late-afternoon burst of buying pushed the major stock indexes higher. The S&P 500 rose 31.63 points to 4,128.80. The Dow gained 297.03 points, or 0.9%, to 33,800.60. The Nasdaq composite picked up 70.88 points, or 0.5%, to 13,900.19.
Small company stocks, which have outgained the broader market this year, lagged behind on Friday. The Russell 2000 index of smaller companies inched up 0.88 points, or less than 0.1%, to 2,243.47. Still, the index is up 13.6% so far this year, while the S&P 500, which tracks large companies, is up 9.9%.
