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Wednesday, July 28, 2021
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S&P 500, Dow end at record highs as weak jobs data eases rate worries

The S&P 500 and the Dow hit record highs on Friday (May 7), while megacap growth stocks drove a recovery on Nasdaq after U.S. jobs data eased concerns over prospects for rising rates.

U.S. job growth unexpectedly slowed in April, likely restrained by shortages of workers, the Labor Department report on Friday showed.

The report alleviated some concerns about rising inflation and potentially higher U.S. interest rates, which some investors worry would hurt growth companies with high valuations.

Heavily-weighted growth stocks such as Microsoft Corp MSFT.O, Apple Inc and Alphabet all rose, but all major S&P 500 sectors also ended in green, with energy and real estate leading the advance. Energy and materials hit fresh highs earlier.

Unofficially, the Dow Jones Industrial Average rose 227.91 points, or 0.66%, to 34,776.44, the S&P 500 gained 30.81 points, or 0.73%, to 4,232.43 and the Nasdaq Composite added 119.40 points, or 0.88%, to 13,752.24.

A raft of upbeat earnings also helped stocks, and S&P 500 earnings are now estimated to have increased 50.4% in the first quarter from a year ago, which would be the highest growth rate since the first quarter of 2010, according to Refinitiv data.

(Production: Soren Larson)

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