S&P 500 notches record close after strong earnings from Facebook and Apple
The S&P 500 closed at record levels on Thursday after blowout earnings results from two of the biggest tech companies in the world: Apple and Facebook.
The Dow Jones Industrial Average ended the day up 239.98 points, or 0.7%, at 34,060.36.
The S&P 500 advanced just under 0.7% to finish the day at 4,211.47, a new closing high.
The tech-heavy Nasdaq Composite, which began the day up 1%, underperformed with a gain of just over 0.2% to end the session at 14,082.55.
Apple, which reported earnings yesterday afternoon, said that sales jumped 54% during the quarter, with each product category seeing double-digit growth. The company also said it would increase its dividend by 7%, and authorized $90 billion in share buybacks. Still, Apple shares ended the day just under the flatline.
Thursday marks President Joe Biden’s 100th day in office. On Wednesday evening, he made his first address to a joint session of Congress where he pushed his so-far popular agenda, which includes a $2 trillion infrastructure plan as well as a freshly unveiled, $1.8 trillion plan for families, children and students.
Facebook’s revenue jumped 48%, driven by higher-priced ads, sending its stock up 7.3% and to a record. Qualcomm shares added 4.4% after reporting a 52% jump in revenue.
Economic data released Thursday gave investors an update on the progress of the economic recovery.
Reference: CNBC
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