Markets
Here are today’s market moves:
What Happened?
U.S. stocks rallied on Friday, with the Dow Jones closing above 35000 for the first time ever. The S&P 500 and Nasdaq climbed more than 1%, closing at records.
Why did stocks climb? Economic data showed that the U.S. Manufacturing PMI posted a reading of 63.1, better than estimates of 62. Also, companies continued to release earnings results that beat expectations.
The US median house price hit a record high of $363,000 last month, up 23% from a year earlier.
On Thursday, the European Central Bank (ECB) pledged to keep interest rates lower for longer and adjusted its policy stance to allow for a slight overshoot of the 2% inflation target.
Next week is a big week in earnings as companies like Apple, Amazon, Facebook, Microsoft, and Tesla are all set to report their quarterly results.
The crypto market was relatively flat on Friday, with Bitcoin trading near $32.5k, although analysts say that sellers are expected to cover their positions, which may lead to higher prices.
What Else?
This Week
Monday: Earnings expected from IBM.
Tuesday: Earnings expected from Chipotle and Netflix.
Wednesday: Earning expected from Coca-Cola, Johnson & Johnson, United Airlines, and Verizon.
Thursday: Earnings expected from Blackstone, Domino’s, Intel, Snap, and Twitter.
Friday: Earnings expected from American Express and Honeywell.