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Saturday, May 8, 2021
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Facebook fuels S&P 500 to record high close

The S&P 500 closed at a record high on Thursday (April 29), fueled by gains in Facebook following its strong earnings report, while investors awaited upcoming results from Amazon.

Facebook Inc surged to an intra-day all-time high after beating market expectations for quarterly revenue and profit late on Wednesday, helped by a surge in digital ad spending during the pandemic and higher ad prices.

Seven of the 11 major S&P 500 sectors rose, with the communication services index leading the way, boosted by Facebook and Alphabet .

U.S. economic growth accelerated in the first quarter, fueled by massive government aid to households and businesses, while a labor market report showed 553,000 people filed for unemployment benefits last week, compared with 566,000 in the prior period.

Unofficially, the Dow Jones Industrial Average rose 0.71% to end at 34,059.42 points, while the S&P 500 gained 0.64% to 4,210.02.

The Nasdaq Composite climbed 0.19% to 14,077.78.

(Production: Fred Katayama, Hyeongmi Kim, Roselle Chen and Dan Fastenberg)

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