S&P 500 closes at record high after Facebook earnings

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After strong quarterly results Apple seemingly left unchanged, but recently added an iPad which returned. And Apple was pretty strong in selling it.

U.S. economy accelerates in Q 1; the claims on jobs edge lower.

On Thursday, the S&P 500 closed at a record high as investors await upcoming results from Amazon, while Facebook's strong earnings report fueled traders.

Facebook Inc surged to an all-time intra-day high on Wednesday after beating market expectations for quarterly revenue and profit, helped during the pandemic by a surge in digital ad spending, and higher ad prices.

Seven of the 11 major S&P 500 sectors had increased, with the communication services index leading the way, boosted by Facebook and Alphabet.

After late on Wednesday, Apple Inc. posted sales and profit ahead of Wall Street estimates on strong iPhone and Mac sales.

The company was due to post the quarterly earnings report after the bell, with investors seeking for signs of how Amazon will be affected as the economy recovers from the Coronavirus pandemic.

Investors are really looking for significantly outsized results and also good guidance as they look forward to upcoming quarters, said Greg Bassuk, chief executive of AXS Investments.We believe that a lot of optimism has already baked into the market, and we are cautioning investors to expect significant volatility.

Of the 265 companies in the S&P 500 that have reported so far, 87% have topped the analysts' earnings estimates, with the Refinitiv IBES data now forecasting 45% decline in profits growth.

The U.S. economy accelerated in the first quarter fueled by massive government aid to households and businesses, while a labor market report showed last week that 553,000 people filed for unemployment benefits compared to 566,000 in the period prior to that.

Caterpillar said in September it forecast higher quarterly earnings but dipped into supply-chain bottlenecks.

With quarterly profits, Merck co. declined after a dip in revenue of 12.5%.

McDonald's rose after the burger chain beat Wall Street estimates for quarterly comparable sales and said it had returned to pre-pandemic levels of growth.

The S&P 500 gained 0.71% to end at 34,059. 42 points, while the Dow Jones Industrial Average.

After the market closes, Twitter Inc and Gilead Sciences Inc plunged ahead of their quarterly reports.The context of family finances was often reduced to a mere 7 days.

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