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Stock market news 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 about 0.5 %, while the Dow finished simply a tick above the flatline. U.S. stocks shook off earlier declines after following 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 country.

Shares of Dow component Disney (DIS) reversed earlier profits to fall more than one % and take back from a record extremely high, after the company posted a surprise quarterly profit and grew Disney+ streaming prospects more than expected. Newly public business 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 stronger than expected earnings benefits, with corporate profits rebounding way quicker than expected despite the ongoing pandemic. With over eighty % of businesses now having reported fourth-quarter results, S&P 500 earnings per share (EPS) have topped estimates by seventeen % in aggregate, and bounced back above pre COVID amounts, according to an analysis by Credit Suisse analyst Jonathan Golub.

good government action and “Prompt mitigated the [virus-related] injury, leading to outsized economic and earnings surprises,” Golub said. “The earnings recovery has been considerably more robust than we may have dreamed when the pandemic for starters took hold.”

Stocks have continued to set up fresh record highs against this backdrop, and as fiscal and monetary policy assistance remain robust. But as investors come to be used to firming corporate functionality, companies may have to top greater expectations in order to be rewarded. This can in turn put some pressure on the broader market in the near-term, as well as warrant more astute assessments of specific stocks, in accordance with some strategists.

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

“We assume that the’ easy cash days’ are actually over for the time being and investors will have to tighten up the aim of theirs by evaluating the merits of specific stocks, rather than chasing the momentum laden methods who have just recently dominated the expense landscape,” he added.

4:00 p.m. ET: Stocks end higher, S&P 500 and Nasdaq reach report closing highs
Here’s where the major stock indexes finished 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’ is the most cited Biden policy on company earnings calls: FactSet
Fourth-quarter earnings season marks the very first with President Joe Biden in the White House, bringing an innovative political backdrop for corporations to contemplate.

Biden’s policies around environmental protections as well as climate change have been the most-cited political issues brought up on company earnings calls so far, in accordance with an analysis from FactSet’s John Butters.

“In terms of government policies talked about in conjunction with the Biden administration, climate change and energy policy (28), tax policy (20 COVID-19 and) policy (nineteen) have been cited or maybe discussed by probably the highest number of companies with this point in time in 2021,” Butters wrote. “Of these 28 companies, seventeen expressed support (or perhaps a willingness to your workplace with) the Biden administration on policies to reduce carbon and greenhouse gas emissions. These seventeen corporations either discussed initiatives to reduce their very own carbon and greenhouse gas emissions or maybe services or items they give to support clients and customers lower the carbon of theirs and greenhouse gas emissions.”

“However, four businesses also expressed some concerns about the executive order starting a moratorium on new oil and gas leases on federal lands (plus offshore),” he added.

The list of twenty eight firms discussing climate change and 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’s in which markets were 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 deliver 1.185%

10:15 a.m. ET: Consumer sentiment suddenly plunges to a six-month low in February: U. Michigan
U.S. consumer sentiment slid to the lowest level after August in February, according to the Faculty of Michigan’s preliminary monthly survey, as Americans’ assessments of the path ahead for the virus stricken economy unexpectedly grew a lot more grim.

The headline consumer sentiment index dipped to 76.2 from 79.0 in January, sharply missing expectations for an increase to 80.9, according to Bloomberg consensus data.

The entire loss of February was “concentrated in the Expectation Index and involving households with incomes below $75,000. Households with incomes of the bottom third reported major setbacks in their present finances, with fewer of the households mentioning recent income gains than whenever after 2014,” Richard Curtin chief economist for the university’s Surveys of Consumers, said in a statement.

“Presumably a new round of stimulus payments will bring down financial hardships among those with probably the lowest incomes. Much more surprising was the finding that consumers, despite the expected passage of a large 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 marketplaces were trading just 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 yield 1.19%

9:05 a.m. ET: Equity funds see highest weekly inflows ever as investors pile into tech stocks: Bank of America
Stock cash simply discovered their largest ever week of inflows for the period ended February ten, with inflows totaling a record $58.1 billion, as reported by Bank of America. Investors pulled a total of $800 million out of gold and $10.6 billion out of money throughout 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 their second largest week of inflows ever at $25.1 billion, and U.S. tiny cap inflows saw their third largest week at $5.6 billion.

Bank of America warned that frothiness is rising in markets, however, as investors keep piling into stocks amid low interest rates, as well as hopes of a strong recovery for the economy and corporate earnings. The firm’s proprietary “Bull and Bear Indicator” tracking 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 movements in markets, as of 7:16 a.m. ET Friday:

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

Dow futures (YM=F): 31,305.00, down 54 points or even 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 in which marketplaces were trading Thursday as overnight trading kicked off:

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

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

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

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