Dow Hits 35,000 First Time Ever As US Stock Indexes End Week At Record High
Faizan Hashmi 2 months ago Sat 24th July 2021 | 02:00 AM
NEW YORK (UrduPoint News / Sputnik - 24th July, 2021) Wall Street's Dow Jones Industrial Average crossed 35,000 points the first time ever on Friday while other key US stock indexes hit record highs as well, rebounding strongly from an early plunge during the week.
The Dow, the broadest US equity barometer on the New York Stock Exchange, hit an all-time high of 35,095 before closing at 35,061, up 238 points or 0.7 percent on the day. For the week, the Dow rose 1.1 percent.
The S&P 500 index, which groups the top 500 stocks on the New York Stock Exchange, also hit a record high of 4,415 before settling up 1 percent at 4,410. For the week, the S&P500 gained 2% on the week.
The tech-heavy Nasdaq Composite peaked at 14,846 before finishing up 1 percent at 14,837. Nasdaq, which groups high-flying tech stocks such as Facebook, Amazon, Apple, microsoft, Netflix and Google, was the outperformer of the week, surging almost 3 percent.
Strong earnings for the second quarter posted by most US companies also enthused Friday's rally, said analysts.
"Stock markets are ending the week on a positive note, with earnings continuing to surprise to the upside and Covid fears being brushed aside as the S&P and Nasdaq hit fresh record highs," Craig Erlam, analyst at New York-based broker OANDA, said. "Whether both of these things will continue, we'll see in the coming weeks, but for now investors are extremely enthused by what they've seen and optimistic about what's to come."
US stocks had a rude start to the week as worries about global growth amid a resurgence of coronavirus cases led to a broad sell-off across markets. All the three indexes fell about 2 percent or more on Monday, reacting to risk aversion.