On Friday, all three key indices of Wall St. had witnessed meteoric rallies while stretching out their latest leg of winning streak into a fourth straight session in a row, sending all three major indices to all-time closing highs with Dow wrapping up the day above a 35,000-mark for the first time on record, as a laundry of upbeat earnings’ reports alongside signs of economic solid economic recovery had pivoted the market participants’ morale.
In point of fact, much of this week’s Wall Street had witnessed multiple side-way movements with value stocks and cyclicals bearing the heaviest brunt. Besides, several analysts were quoted saying that market sentiments had been gyrating between growth and value stocks throughout the week, following a latest cohort amid absence of fresh catalysts.
Alongside this, growing anticipations that the US Fed would keep its monetary policy unchanged following an unprecedented hike in US initial jobless claims last week, had shifted focus towards the riskier growth stocks.
Still, investors appeared to be awaiting the next week’s two-day policy meet of US Fed policymakers. In tandem, an 88 per cent of 120 S&P 500 listed enterprises which had reported quarterly earnings’ reports thus far, had handily beaten analysts’ forecasts, stoking hopes that the Wall Street bellwether would report a 78 per cent increase on second quarter of 2021 compared to the same time a year earlier.
Wall St. gains on the back of strong earnings’ reports
Quoting statistics, in the day’s Wall St. closing bell, trade-sensitive Dow gained 0.68 per cent to 35,061.55, closing out a session above a 35,000-mark for the first time as beforementioned, and benchmark S&P 500 spiked 1.01 per cent higher to round off the session at a record closing high of 4,411.79, while tech-heavy Nasdaq climbed 1.04 per cent to 14,836.99.
Meanwhile, addressing to an upbeat quarterly earnings’ season, a chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina, Chris Zaccarelli said, “We see a continuation of the last couple days.
It's roller coaster in reverse. We did the drop first, and we’ve been climbing back to the top ever since. ”