Dow, S&P 500 close at records amid strong global economic data
- The S&P 500 and Dow Jones industrial average closed at records to finish the trading week.
- Investors cheered strong economic data out of China and the US.
- Dogecoin staged a record-shattering rally.
The Dow Jones industrial average and S&P 500 closed at record highs on Friday as investors remain optimistic about the global recovery amid strong economic data.
China said its economy grew 18% in the first quarter of 2021, with the nation saw retail sales soar 34.2% in March. In the US, housing starts surged 19.4% to a a 15-year high on Friday after jobless claims tumbled to a pandemic-era low the prior day.
Here's where US indexes stood at the 4 p.m. ET close on Friday:
- S&P 500: 4,185.47, up 0.4%
- Dow Jones industrial average: 34,200.67, up 0.5% (165 points)
- Nasdaq composite: 14,052.34, up 0.1%
Morgan Stanley concluded a blockbuster week for bank earnings, beating estimates in every major category - although the strong report was overshadowed by a $911 million loss linked to the Archegos Capital implosion.
Across Wall Street, Citigroup posted record profit, Goldman Sachs beat revenue and profit expectations on strong trading and investment-banking revenue, and JPMorgan and Wells Fargo turning in profit that surpassed Wall Street's targets.
In a different realm of markets, Dogecoin went on a record-shattering rally this week. Elon Musk's favorite meme-token spiked more than 100% on Friday to record highs.
West Texas Intermediate crude fell as much as 1%, to $62.83 per barrel. Brent crude, oil's international benchmark, slid 0.8%, to $66.44 per barrel, at intraday lows.
Gold climbed as much as 1.1%, to $1,783.85 per ounce.