DOW, S&P 500 Rise to new Record Highs but Nasdaq Nearly flat
On Friday the stocks rose higher and extended the session’s rally in the morning. The Dow and S&P 500 have both hit new intraday highs as a result of the upward trend, both of them are currently in positive territory while the Nasdaq is almost flat.
Dow: 138.70 points or 0.4% at 34,174.69
S&P 500: 10.15 points or 0.2% at 4,189.57
Nasdaq: 5.44 points or less than a tenth of a percent at 14,033.32
Also yesterday’s economic results had affected the markets but they’re still benefiting. According to the National Bureau Statistics, China’s economy grew at a record rate with GDP increasing 18.3% year over year.
The commerce Department issued a study that shows a significant increase in new residential construction in March and that’s on the economic front in the US.
After falling by 11.3% to a revised rate of 1.457 million in February the housing will increase by 19.4% to a rate of 1.739million/year in March.
However, some reports show that sentiment improved slightly in April, but not nearly as much as anticipated. According to the preliminary data, the consumer sentiment index increased to 86.5 in April from 84.9 in March. Economists had predicted that the index would rise to 89.6.
Despite the lower-than-expected rise, the consumer sentiment index rose to its highest level since March 2020, when it hit 89.1.