|Delayed - 05/13 05:03:42 pm|
Record close for Dow, S&P 500
|04/09/2021 | 06:15pm|
The Dow and the S&P 500 set fresh record highs on Friday as investors show more confidence in the U.S. economic rebound.
The Dow jumped nearly 300 points on Friday. The S&P 500 rallied 31. The Nasdaq added 70.
A whiff of inflation failed to knock optimistic investors off their game. Producer prices showed their biggest annual gain in 9-1/2 years. The March upswing was fueled by rising prices across the board especially for goods.
Ryan Payne, president, Payne Capital Management says right now - the mood on Wall Street boils down to one phrase: economic optimism.
"Profits are going up and because of all this stimulus that's out there, all this pent-up demand, the world is going to rock-and-roll. The economy is going to get a lot stronger over the next couple of months. It's going to run red hot. So I think the bottom line is you want to be bullish here. We talked about inflation a lot today and stocks are one of your best inflation hedges."
Moderna was a stand-out stock. A small early-stage follow-up study showed vaccine antibodies still present six months after the second dose. Moderna rallied more than 5 percent.
Good news for Amazon.com in its battle against unions. A vote that would have unionized workers at an Amazon warehouse for the first time - failed by a more than 2-to-1 margin. Shares of Amazon rallied more than two percent.
But Boeing was down for the day. The planemaker warned some airlines of a possible electrical insulation problem in some newer 737 MAX jets. Those planes will have to be taken out of service; that's the same model that was grounded for 20 months after two deadly crashes. Shares of Boeing fell one percent.