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Thursday, May 6, 2021
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Dow breaks 34k, S&P hits fresh record high on tech rally

The Dow industrials closed above 34,000 for the first time on Thursday (April 15) as the blue-chip benchmark and S&P 500 posted fresh record highs on a tech stock rally fueled by falling bond yields and strong March U.S. retail sales data.

It was the second time this week the S&P 500 has registered a new best close, and the Dow surpassed its previous closing peak on April 9.

Joining at a record high was the S&P information technology sector. Both it and the communication services index were buoyed by big tech names, including Apple Inc, Microsoft Corp and Facebook Inc.

Helping draw in cash for such names is the fact Treasury yields, after spiking upwards at the end of March, have been in retreat as investors increasingly accept the Federal Reserve’s assurances on maintaining an accommodative monetary policy despite higher inflation.

The benchmark 10-year Treasury yield slipped below 1.6% for the first time since March 25.

Top U.S. banks kicked off the first-quarter reporting season on Wednesday, with Goldman Sachs Group Inc, JPMorgan Chase & Co and Wells Fargo & Co posting bumper results.

Bank of America and Citigroup Inc also offered optimistic views on an economic recovery in their earnings reports on Thursday, but shares of both declined.

The Dow Jones Industrial Average rose 305.10 points, or 0.9%, to 34,035.99, the S&P 500 gained 45.76 points, or 1.11%, to 4,170.42 and the Nasdaq Composite added 180.92 points, or 1.31%, to 14,038.76.

(Production: Fred Katayama, Hyeongmi Kim, Roselle Chen)

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