Traders on the floor of the Dow Jones Industrial Average; Stock futures were little changed on Thursday after the New York Stock Exchange crossed the 34,000 threshold for the first time ever.
Futures on Dow Jones Industrial Average gained 10 points.
The Nasdaq 100 futures dipped near the flatline and S& P 500 futures traded 0.2%. The Blue Chip Dow rose 300 points during normal trading hours to top the 34,000 metric mark amid blowout economic data.
The Nasdaq Composite and the S& P 500 all gained more than 1% on Thursday. The Dow push through 34,000 is a sign that investor appetite for future growth prospects is spilling over to more value-oriented names, said Peter Essele, head of portfolio management at the Commonwealth Financial Network.
The demand for industrials and more cyclically oriented areas should continue as vaccines take hold and earnings could potentially come in higher than originally expected. The sentiment of investors was boosted by economic data on Thursday that pointed to a rebound in consumer spending and the jobs market.
In March, retail sales jumped 9.8% as additional stimulus to consumers sent spending upwards, topping the Dow Jones Estimate of 6.1% gain.
Meanwhile, in March 2020, the U.S. jobless claims dropped to the lowest level since March 2020.
The Labor Department reported 576,000 first-time filings for unemployment insurance for the week of 10 April. Economists polled by Dow Jones expected a total of 710,000; retail sales, much like every other data point in the past month, are the polar opposite of the same period a year ago, said Jamie Cox, managing partner for Harris Financial Group. The data were off-the charts fantastic, now the data are off-the charts terrible.
It is what happens that matters from here on out. The first quarter earnings season started with big banks reporting higher earnings than expectations. Morgan Stanley will release its earnings before the bell on Friday.