Editor Eric
Hey moomooers,
Good evening. Here is the latest Market Recap for you.
U.S. stocks on Friday finished the week on a strong note, with the Dow and S&P 500 posting their second consecutive closing records and the Nasdaq Composite ending within a stone's throw of its record.
How did major indexes fare?
The $Dow Jones Industrial Average(.DJI.US)$ closed up by about 165 points, or 0.5%, to reach around 34,200, extending its climb beyond the 34,000 milestone achieved on Thursday.
The $S&P 500 index(.SPX.US)$ index closed at a record high, up 0.4% to 4,185.
The $Nasdaq Composite Index(.IXIC.US)$ closed up 0.1% at 14,052, about 0.3% from its closing high or a little over 40 points.
For the week, the Dow booked a 1.2% gain and the S&P 500 ended 1.4% higher, marking their fourth consecutive weekly climbs. The Nasdaq Composite closed up 1.1% for the week to mark its third straight weekly advance.
Source: moomoo
What drove the market?
Earnings also have helped to boost optimism about the recovery, as the nation's biggest banks, $Goldman Sachs Group(GS.US)$ and $JPMorgan Chase & Co(JPM.US)$, produced results that are promising for the American economic outlook.
It's been almost a goldilocks week. There's no shortage of good news.
-Simeon Hyman, global investment strategist at ProShares
China reported first-quarter gross domestic product a touch below expectations as industrial production disappointed but retail sales beat. GDP soared 18.3% in the first three months of the year from a year ago, China’s National Bureau of Statistics said Friday. That’s slightly below expectations of a 19% increase, according to analysts polled by Reuters.
Which stocks were in focus?
$Morgan Stanley(MS.US)$—Morgan Stanley posted blockbuster results for the first quarter, but a single prime brokerage client cost the firm nearly $1 billion. In its earnings results, Morgan Stanley said Friday it had a $644 million loss from a 「credit event」 for that client, as well as $267 million in related trading losses.
$Cisco Systems(CSCO.US)$— Shares of the equipment maker advanced more than 2% after Wolfe Research upgraded the company to an outperform rating. 「The resurgence of IT spending, increasing software sales mix, and improving hyperscale play has put the company into the best position it has arguably had in some years,」 the firm said in a note to clients.
$Boeing Co(BA.US)$— An electrical problem that led to dozens of Boeing 737 Max jets being suspended from service has widened after engineers found similar grounding flaws elsewhere in the cockpit, industry sources said on Friday.
$Coinbase Global, Inc.(COIN.US)$— Airbnb co-founder and CEO Brian Chesky told CNBC he’s 「really proud」 of what one of the company’s first software engineers has gone on to accomplish since leaving the online home-rental marketplace. That former Airbnb employee is Brian Armstrong, co-founder and CEO of Coinbase. The cryptocurrency exchange went public and soared in a direct listing Wednesday, in a major milestone for the burgeoning digital asset industry.
Source: Dow Jones, CNBC