Stock market live updates: S&P 500 rises to a fresh record closing high

Stocks ended higher on Friday, with the S&P 500 and Nasdaq closing out the session at record levels.

The S&P 500 and Nasdaq each rose aproximatelly 0.5 %, while the Dow concluded simply a tick above the flatline. U.S. stocks shook off earlier declines after monitoring a drop in overseas equities, after new data showed that UK gross domestic product (GDP) slumped by a report 9.9 % in 2020 as a virus induced recession swept the nation.

Shares of Dow component Disney (DIS) reversed earlier benefits to fall more than one % and pull back out of a record extremely high, after the company posted a surprise quarterly benefit and produced Disney+ streaming prospects much more than expected. Newly public company Bumble (BMBL), which started trading on the Nasdaq on Thursday, rose another seven % after jumping 63 % in the public debut of its.

Over the past couple weeks, investors have absorbed a bevy of much stronger than expected earnings benefits, with corporate earnings rebounding much faster than expected regardless of the continuous pandemic. With over eighty % of companies these days having reported fourth-quarter results, S&P 500 earnings per share (EPS) have topped estimates by 17 % in aggregate, and bounced back above pre COVID amounts, based on an analysis by Credit Suisse analyst Jonathan Golub.

“Prompt and generous government activity mitigated the [virus-related] damage, leading to outsized economic and earnings surprises,” Golub said. “The earnings recovery has been substantially more powerful than we might have dreamed when the pandemic for starters took hold.”

Stocks have continued to establish fresh record highs against this backdrop, and as fiscal and monetary policy assistance stay robust. But as investors become comfortable with firming corporate functionality, companies could possibly need to top even greater expectations in order to be rewarded. This may in turn put some pressure on the broader market in the near term, as well as warrant much more astute assessments of individual stocks, in accordance with some strategists.

“It is no secret that S&P 500 performance has been quite powerful over the past few calendar years, driven largely through valuation expansion. But, with the index P/E [price-to-earnings ratio] recently eclipsing its prior dot-com extremely high, we believe that valuation multiples will begin to compress in the coming months,” BMO Capital Markets strategist Brian Belski wrote in a note Thursday. “According to the work of ours, strong EPS growth would be necessary for the next leg greater. Fortunately, that’s exactly what current expectations are forecasting. Nonetheless, we in addition found that these kinds of’ EPS-driven’ periods tend to become more tricky from an investment strategy standpoint.”

“We think that the’ easy money days’ are more than for the time being and investors will need to tighten up the focus of theirs by evaluating the merits of individual stocks, as opposed to chasing the momentum-laden methods that have just recently dominated the investment landscape,” he added.

4:00 p.m. ET: Stocks end higher, S&P 500 and Nasdaq reach history closing highs
Here is exactly where the key stock indexes ended the session:

S&P 500 (GSPC): +18.55 points (+0.47 %) to 3,934.93

Dow (DJI): +27.44 points (+0.09 %) to 31,458.14

Nasdaq (IXIC): +69.70 points (+0.5 %) to 14,095.47

2:58 p.m. ET:’ Climate change’ would be the most cited Biden policy on company earnings calls: FactSet
Fourth-quarter earnings season signifies the first with President Joe Biden in the White House, bringing a new political backdrop for corporations to contemplate.

Biden’s policies around environmental protections and climate change have been the most-cited political issues brought up on corporate earnings calls thus far, based on an analysis from FactSet’s John Butters.

“In terms of government policies discussed in conjunction with the Biden administration, climate change as well as energy policy (twenty eight), tax policy (twenty COVID-19 and) policy (nineteen) have been cited or maybe talked about by the highest number of companies with this point in time in 2021,” Butters wrote. “Of these twenty eight firms, seventeen expressed support (or even a willingness to work with) the Biden administration on policies to reduce carbon as well as greenhouse gas emissions. These 17 firms both discussed initiatives to reduce their own carbon and greenhouse gas emissions or services or merchandise they give to help customers and customers reduce their carbon and greenhouse gas emissions.”

“However, 4 companies also expressed a number of concerns about the executive order setting up a moratorium on new oil and gas leases on federal lands (plus offshore),” he added.

The list of 28 companies discussing climate change as well as energy policy encompassed companies from an extensive array of industries, like JPMorgan Chase, United Airlines Holdings and 3M, alongside traditional oil majors like Chevron.

11:36 a.m. ET: Stocks mixed, S&P 500 and Nasdaq turn positive
Here is in which markets had been trading Friday intraday:

S&P 500 (GSPC): +7.87 points (+0.2 %) to 3,924.25

Dow (DJI): -8.77 points (-0.03 %) to 31,421.93

Nasdaq (IXIC): +28.15 points (+0.21 %) to 14,053.77

Crude (CL=F): +$0.65 (+1.12 %) to $58.89 a barrel

Gold (GC=F): +$0.20 (+0.01 %) to $1,827.00 per ounce

10-year Treasury (TNX): +2.7 bps to yield 1.185%

10:15 a.m. ET: Consumer sentiment unexpectedly plunges to a six month lower in February: U. Michigan
U.S. consumer sentiment slid to probably the lowest level since August in February, in accordance with the Faculty of Michigan’s preliminary once a month survey, as Americans’ assessments of the path forward for the virus stricken economy unexpectedly grew much more grim.

The title consumer sentiment index dipped to 76.2 from 79.0 in January, sharply losing out on expectations for a rise to 80.9, according to Bloomberg consensus data.

The whole loss in February was “concentrated in the Expectation Index and among households with incomes under $75,000. Households with incomes of the bottom third reported major setbacks in the current finances of theirs, with fewer of these households mentioning latest income gains than whenever since 2014,” Richard Curtin chief economist for the university’s Surveys of Consumers, said in a statement.

“Presumably a new round of stimulus payments will reduce financial hardships with those with the lowest incomes. More shocking was the finding that consumers, despite the expected passage of a grand stimulus bill, viewed prospects for the national economy less favorably in early February compared to last month,” he added.

9:30 a.m. ET: Stocks open lower, but speed toward posting weekly gains
Here’s in which markets were trading simply after the opening bell:

S&P 500 (GSPC): -8.31 points (-0.21 %) to 3,908.07

Dow (DJI): 19.64 (0.06 %) to 31,411.06

Nasdaq (IXIC): -53.51 (+0.41 %) to 13,970.45

Crude (CL=F): -1dolar1 0.23 (0.39 %) to $58.01 a barrel

Gold (GC=F): 1dolar1 10.70 (0.59 %) to $1,816.10 per ounce

10-year Treasury (TNX): +3.2 bps to deliver 1.19%

9:05 a.m. ET: Equity funds see highest weekly inflows actually as investors pile into tech stocks: Bank of America
Stock cash just discovered their largest ever week of inflows for the period ended February 10, with inflows totaling a record $58.1 billion, according to Bank of America. Investors pulled a total of $800 million out of gold and $10.6 billion out of profit during the week, the firm added.

Tech stocks in turn saw the own record week of theirs of inflows during $5.4 billion. U.S. large cap stocks saw the second-largest week of theirs of inflows ever at $25.1 billion, and U.S. smaller cap inflows saw the third largest week of theirs at $5.6 billion.

Bank of America warned that frothiness is rising in markets, nevertheless, as investors keep on piling into stocks amid low interest rates, along with hopes of a solid recovery for corporate profits and the economy. The firm’s proprietary “Bull as well as Bear Indicator” monitoring market sentiment rose to 7.7 from 7.5, nearing an 8.0 “sell” signal.

7:14 a.m. ET Friday: Stock futures point to a lower open
The following were the primary moves in markets, as of 7:16 a.m. ET Friday:

S&P 500 futures (ES=F): 3,904.00, down 8.00 points or 0.2%

Dow futures (YM=F): 31,305.00, down 54 points or perhaps 0.17%

Nasdaq futures (NQ=F): 13,711.25, printed 17.75 points or perhaps 0.13%

Crude (CL=F): -1dolar1 0.43 (0.74 %) to $57.81 a barrel

Gold (GC=F): 1dolar1 9.50 (-0.52 %) to $1,817.30 per ounce

10-year Treasury (TNX): +0.5 bps to yield 1.163%

6:03 p.m. ET Thursday: Stock futures tick higher
Here’s where markets had been trading Thursday as over night trading kicked off:

S&P 500 futures (ES=F): 3,904.50, printed 7.5 points or perhaps 0.19%

Dow futures (YM=F): 31,327.00, down thirty two points or 0.1%

Nasdaq futures (NQ=F): 13,703.5, printed 25.5 points or perhaps 0.19%

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