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.
|I:DJI||DOW JONES AVERAGES||32237.53||+132.28||+0.41%|
|I:COMP||NASDAQ COMPOSITE INDEX||11823.960139||+36.56||+0.31%|
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.
|BA||THE BOEING CO.||197.53||-0.37||-0.19%|
|IWM||ISHARES TRUST RUSSELL 2000 ETF||171.78||+1.58||+0.93%|
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.
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.
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.
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%.