May 29, 2023

DS Duke

Global Business In World

Records Fall Again on Wall Street

2 min read
U.S. stocks rose to record levels on Thursday as investors shrugged off economic data pointing...

U.S. stocks rose to record levels on Thursday as investors shrugged off economic data pointing slower-than-expected growth.

The Dow Jones Industrials came off their highs of the day, but still succeeded 153.6 points to 35, 084.53 to a new all-time closing record.

The S&P 500 cleared breakeven 18.51 points to 4,419.15, also reaching a fresh high.

The NASDAQ gained 15.68 points to 14,778.26, amid a drop in Facebook and PayPal shares.

The major averages are on track to end the month higher, with the S&P up 2.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} for July. The NASDAQ and Dow are each up 1.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

Shares of Robinhood started trading on the NASDAQ at $38 per share on Thursday, but the stock eventually closed its debut session more than 8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} lower $34.82 per share.

PayPal gave back 6.2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, and Facebook lost 4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, after warning of significant growth slowdown as they reported quarterly earnings.

Meanwhile, shares of Ford jumped nearly 4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} after the automobile company raised its 2021 outlook after reporting a surprise profit in the second quarter.

Amazon, Pinterest and Anheuser-Busch are set to report earnings Thursday.

U.S. second-quarter gross domestic product accelerated 6.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} on an annualized basis, considerably less than the 8.4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} Dow Jones estimate.

Meanwhile, a separate data point showed that 400,000 people filed initial claims for unemployment benefits for the week ended July 24. That level is nearly double the pre-pandemic norm and above a Dow Jones estimate of 385,000.

Many investors were relieved that the Federal Reserve signaled no imminent plans for dialing back asset purchases. Fed Chairman Jerome Powell cautioned that although the economy is making progress toward its goals, it has a ways to go before the central bank would actually adjust its easy policies.

Prices for 10-Year Treasurys sagged, lifting yields to 1.27{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} from Wednesday’s 1.23{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. Treasury prices and yields move in opposite directions.

Oil prices grabbed $1.20 to $73.59 U.S. a barrel.

Gold prices leaped $28.70 to $1,828.40 U.S. an ounce.

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