26 April - The S&P 500 hit an intra-day record on Thursday, fueled by the positive earnings of Facebook following its strong earnings report, while investors awaited upcoming results from Amazon.
On Wednesday, Facebook Inc. jumped more than 6% to an all-time high after beating market expectations for quarterly revenue and profit, bolstered by a surge in digital ad spend during the pandemic and higher ad prices.
Seven of the 11 major S&P 500 sectors rose, with the Communication Services Index increasing by 2.6% and by Alphabet increased by 1.6%.
After a performance in Apple Inc. on Tuesday increased to 0.5% after posting strong sales and profits ahead of Wall Street estimates on the iPhone and Mac devices sales.
After the bell, Amazon was up 0.3% before its quarterly report with investors looking for signs of how the online retailer will be affected as the economy recovers from the coronavirus pandemic.
Investors are really seeking greatly outsized results and also upsized guidance as they look forward to upcoming quarters, said Greg Bassuk, chief executive of AXS Investments.We believe an abundance of optimism has already baked into the market and we caution investors to expect significant volatility.
Of the 265 companies in the S&P 500 which have topped analysts' earnings estimates so far, 87% have predicted in real time, with Finite IBES data now forecasting a 45% rise in profit growth.
The U.S. economic growth accelerated in the first quarter, which was fueled by massive government assistance to households and businesses, while a labor market report showed last week 553,000 individuals filed for unemployment benefits, compared with 566,000 in the prior period.
In a period of increase, Caterpillar Inc dipped 34%, but warned of supply chain bottlenecks.
After the decline in quarterly profits, drugmaker Merck Co Inc slid to 5%.
The Dow Jones Industrial Average was down 0.53% at 33,999. 33 points, while the S&P 500 was up 0.51% to 4,204. 66.
After the close of the market, Gilead Sciences Inc and Twitter Inc were both down by more than 1% each time during their quarterly reports.
Declining issues outnumbered rising one on the NYSE by a 1.12 % to 1 ratio; on Nasdaq, a 1.43 % to 1 ratio favored decliners.
The Nasdaq Composite recorded 109 new 52 week highs and no new lows, the S&P 500 was 133 new highs and 21 new lows.What is the difference between a quality of life and someone who only serves water for fun?