The Punch

US stocks hit all-time highs


INdexes in the United States stock market registered fresh record highs on Friday amid a broad-based rebound and Treasuries snapped an eight-day rally fueled by concerns about global growth amid the spread of Covid-19 variants.

The benchmark S&P 500 rose 1.1 per cent, rebounding from the biggest one-day drop in about three weeks on Thursday. The Dow Jones Industrial, Nasdaq Composite and Nasdaq 100 indexes also finished at all-time highs on the same day with the S&P for a second time this month, Bloomberg reported.

Financial shares led the gains with rising yields increasing the outlook for profits. The dollar weakened against a basket of major currencies and oil gained for a second day.

Leslie Thompson, managing member of Spectrum Management Group, told Bloomberg, “The market is still on a positive trajectory and obviously there are going to be bumps along the way.”

Jpmorgan Asset Management, Blackrock Inc. and Morgan Stanley Wealth Management, which together account for some $12tn in assets, are among money managers betting global growth is still on track, with second-quarter earnings season starting next week set to bolster confidence, Bloomberg noted.

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