Wall Street Hits Another Record, Lifted by Tech Rally and Economic Optimism
Gains were largely driven by technology shares, and the record close was the latest in a series of new highs for the S&P 500.
April 1, 2021
Source: Refinitiv
The New York Times
A rally in big technology stocks, a tailwind of optimism from the Biden administration’s latest spending plan and a jump in oil prices combined on Thursday to lift Wall Street to another record, this one punctuated by the S&P 500 index’s close above 4,000 for the first time.
It was a second consecutive day of gains for technology stocks, which had struggled in March to keep pace with the rest of the market as investors instead focused on companies that stood to gain the most from the pandemic recovery including smaller, domestically oriented businesses and manufacturers.
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Provided by Dow Jones
By Joe Wallace and Paul Vigna U.S. stocks resumed a familiar pattern Thursday, with tech shares rising sharply and outpacing the rest of the market. The Nasdaq Composite rose 1.4%, following a 1.5% gain on Wednesday. The S&P 500 was up 0.8%, after the broad stocks gauge closed out a fourth consecutive quarterly advance on Wednesday, while the Dow Jones Industrial Average was up 0.4%. Many investors are hopeful that stocks will continue to climb in the second quarter. Their optimism is pegged to the prospect of a surge in economic growth amid widespread vaccinations, fresh spending programs from the Biden administration and earnings expectations. Still, they point to risks stemming from rising bond yields, new lockdowns in Europe and signs of excess in corners of the market.
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Provided by Dow Jones
By Joe Wallace and Paul Vigna U.S. stocks rose Thursday as the S&P 500 crossed 4000 for the time and bond yields fell, easing near-term inflation fears. The broad stock gauge was up 1% at 4012, after closing out a fourth consecutive quarterly advance on Wednesday. The Nasdaq Composite jumped 1.5%, building on a 1.5% gain in the previous session. The Dow Jones Industrial Average rose 0.5%. For the S&P 500, the move from 3000 to 4000 took just 434 trading days, according to Dow Jones Market Data, by far the shortest gap between 1000-point milestones in the index s history. The move from 2000 to 3000, by comparison, took 1,227 trading days.