fbpx
Tuesday, May 11, 2021
No menu items!

Facebook fuels S&P 500 to record high close

The S&P 500 closed at a record high on Thursday (April 29), fueled by gains in Facebook following its strong earnings report, while investors awaited upcoming results from Amazon.

Facebook Inc surged to an intra-day all-time high after beating market expectations for quarterly revenue and profit late on Wednesday, helped by a surge in digital ad spending during the pandemic and higher ad prices.

Seven of the 11 major S&P 500 sectors rose, with the communication services index leading the way, boosted by Facebook and Alphabet .

U.S. economic growth accelerated in the first quarter, fueled by massive government aid to households and businesses, while a labor market report showed 553,000 people filed for unemployment benefits last week, compared with 566,000 in the prior period.

Unofficially, the Dow Jones Industrial Average rose 0.71% to end at 34,059.42 points, while the S&P 500 gained 0.64% to 4,210.02.

The Nasdaq Composite climbed 0.19% to 14,077.78.

(Production: Fred Katayama, Hyeongmi Kim, Roselle Chen and Dan Fastenberg)

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Nine Palestinians, including three children, killed in Gaza strikes

 Palestinian militants in the Gaza Strip fired rockets toward the Jerusalem area and southern Israel on Monday...

Oil industry ‘laser-focused’ on cybersecurity, says analyst

A group of cybercriminals allegedly responsible for the ransomware attack that shut the largest fuel pipeline in the United States said on...

U.S. authorizes Pfizer/BioNTech COVID vaccine for children ages 12 to 15

U.S. regulators on Monday (May 10) authorized Pfizer and BioNTech's COVID-19 vaccine for use in children as young as 12, widening the...

Automated steering ‘not available’ on Texas road where Tesla crashed – NTSB

U.S. safety officials investigating the cause of a Tesla Model S crash that killed two men in Texas last month said on...

Pakistan’s water bearers quench thirst in Ramadan, but fear for their trade

Mohammad Ramzan pumps water into a large goat skin bag before carrying it down an alley and up several flights of stairs...

More Articles Like This