Wall St. jumps as S&P 500 clocks record closing high with Facebook boost

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 Wall St. jumps as S&P 500 clocks record closing high with Facebook boost

On Thursday, a slew of Wall St. stock indices rounded off the session in an upbeat tenure with benchmark S&P 500 hovering near a record closing high, mostly boosted up by the gains of Facebook Inc. alongside upbeat economic data showing a scintillating first-quarter GDP growth in US economy, but, tech-heavy Nasdaq largely underperformed amid a profit-taking wave on certain mega-cap tech firms.

On top of that, with Facebook rising more than 5.8 per cent to a record trough after beating Wall St. expectations for quarterly revenue and profit, of 11 major S&P 500 sub-indices, seven had wrapped up the day in an affirmative territory with communication stocks leading the charges.

In factuality, in the day’s modest gains in trade-sensitive Dow and benchmark S&P 500 were largely powered by US Commerce Department showing that the US economy grew by its second-best pace since Q4, 2003, over the latest fiscal quarter, cementing ways for a four-decade high gross output on fiscal 2021 as forecasted by the US Government of President Joe Biden.

Nonetheless, tech-heavy Nasdaq faltered after Apple Inc. shed 0.5 per cent despite posting strong sales and profit over Q1, 2021, both of which had beaten Wall St. estimates, while adding further strains, shares’ prices of mega-cap tech conglomerates such as Microsoft, Tesla and Amazon dived between 0.1 per cent and 3.3 per cent as investors appeared to have locked in profits amid frets of overvaluation.

Wall St. rises on robust earnings’, upbeat data

Citing statistics, in the day’s Wall St. round off, benchmark S&P 500 added 0.68 per cent to 4,211.47 and trade-sensitive Dow gained 0.71 per cent to 34,060.36, while tech-heavy Nasdaq rose 0.22 per cent to 14,082.55.

Meanwhile, referring to a profit-taking wave in the day’s Wall St., Chairman of Great Hill Capital Thomas Hayes said late in the day, “Apple and Microsoft both had high expectations... while they did exceed consensus estimates, a lot of it was priced in, so there is some profit taking coming in.