Connect with us

Markets

Dow Clears 34K, Nasdaq Tops 14K as ‘apps’ is the new flavor of Wall St.

Published

on

The Dow Jones Industrial Average rallied over 225 points on Thursday, as Apple rebounded from Wednesday’s sell-off. Nvidia regained a buy point, while Tesla stock and the Coinbase IPO stock jumped at the stock market open.

During regular trading hours, the blue-chip Dow rose by 300 points to top the 34,000 milestones amid blowout economic data. The S&P 500 and the Nasdaq Composite gained more than 1% each.

Investor sentiment was boosted by economic data on Thursday that pointed to a rebound in consumer spending and the jobs market.

Retail sales jumped by 9.8% in March as additional stimulus sent consumer spending soaring, topping the Dow Jones estimate of a 6.1% gain as the U.S. jobless claims dropped to the lowest level since March 2020.

The Labor Department reported 576,000 first-time filings for unemployment insurance for the week ended April 10.

Among the Dow leaders,  Apple (AAPL) rallied 2% Thursday, while Microsoft (MSFT) moved up  by1.4%.

Tesla (TSLA) reversed lower after jumping at the market open on Thursday, following Wednesday’s 4% tumble. Coinbase Global (COIN) advanced nearly 3% in morning trade.

Earning reports added to the exuberance, too. UnitedHealth Group (UNH, +3.8%) reported a nearly 43% year-over-year pop in profits to $5.31 per share beating analysts’ expectations. That helped spark a strong day in the healthcare sector (+1.7%) and pushed the Dow Jones Industrial Average past the 34,000 mark, an 0.9% gain to a record 34,035.

The first-quarter earnings season has started on a high note yesterday with big banks reporting results above expectations. Morgan Stanley is set to release its earnings Friday before the bell.

To date, 34 companies in the S&P 500 have reported first-quarter earnings. Of those, 88% have beaten their 1Q 2021 EPS estimates by an average of 22%, according to experts.

Meanwhile, Chinese-run stock buying and selling apps are using a surge of global curiosity in day buying and selling, as competitors grow for Robinhood.

Futu and Tiger Brokers, each listed within the U.S., launched a number of years in the past as apps permitting Chinese customers to commerce U.S. or Hong Kong shares. Now each is forecasting a whole bunch of 1000’s of recent customers this year — principally from exterior China.

They have been caught up in a David-versus-Goliath battle half a world away that pits legions of social network users against some of Wall Street’s most powerful hedge funds. Futu Securities’ stock surged upwards by more than 10 times over the last 12 months. Both Futu and Tiger now have more than 1 million brokerage clients, providing trading flows and the cachet to get in on more deals

From the GameStop stock buying and selling frenzy earlier this year to the Digi- money alternate Coinbase listing on Wednesday, people are more and more taken with enjoying capital markets, which are now simply accessible by means of a wide range of cell apps.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending