Dow, S&P 500 close at all-time highs amid strong corporate results, robust US, Chinese economic data

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Dow, S&P 500 close at all-time highs amid strong corporate results, robust US, Chinese economic data  | &nbspPhoto Credit:&nbspPTI

The Dow and S&P 500 index closed at all-time highs Friday, extending their recent rallies to four weeks in a row, amid a fresh flurry of strong corporate results to end the first week of earnings season.

For the week, the Dow rose 1.2%, while the S&P 500 gained 1.4% and the Nasdaq Composite advanced 1.1%. The Dow and S&P 500 booked a fourth straight weekly advance, while the Nasdaq rose for a third week in a row. Dow rose 0.48% to close at 34,201 while the S&P and Nasdaq were up by 0.36% and 0.10% respectively

China’s economic growth surged by 18.3% year-over-year in the first quarter, with retail sales up 34.2% in the world’s second-largest economy. This along with the strong US retails sales leads credence to the global recovery

Europe

European stocks ended at a record high on Friday, marking its seventh straight week of gains, after strong U.S. and China economic data spurred optimism about a speedy global recovery, while upbeat results from Germany’s Daimler boosted carmakers.

The pan-European STOXX 600 index rose 0.8%. Germany’s DAX gained 1.3% to hit an all-time high while UK’s FTSE 100 and Frances’s CAC were up 0.5% and 0.85%, closing at over one-year highs.

German car and truck maker Daimler rose 2.7% as higher vehicle prices and strong demand in China helped it post a better-than-expected surge in quarterly operating profit.

Asia

Asian shares were mixed on Monday and U.S. equity futures dipped after stocks ended the week at all-time highs, with investors focusing on the economic recovery and upcoming earnings.

Asian credit markets may get some respite from a rebound in China Huarong Asset Management Co. bonds. China’s financial regulator said the bad-debt manager had ample liquidity, its first official comments since the company delivered a jolt by missing a deadline to report earnings.

Nikkei 225 was down by 0.43% while ASX200 (Australia) was up by 0.24%. Kospi Index was flat

Oil
West Texas Intermediate crude lost 0.5% to $63.14 a barrel.

Gold

Gold strengthened 0.8% to $1,778.25 an ounce