The Dow Jones Industrial Average rose 0.70 percent to 34,053.73 points. On a weekly basis, this indicates a minus around half a percent.
As for the S&P 500 market-wide index, it rose 1.22 percent to 4,185.33 points on Friday. The technology-specific Nasdaq 100 index rose 1.51 percent to 13,969.68 points.
According to experts, investors are now weighing the effects of higher taxes against the positive effects of US infrastructure investments accompanying economic stimulus programs. In general, persistent loose monetary policy supports stock prices near record highs, while the Corona numbers, which are rising rapidly in some parts of the world, weaken sentiment.
However, strong economic data from the US on Friday provided relief. Index values set by research firm IHS Markit for the month of April have increased for the service and industry sectors. The data points to a strong recovery in the world’s largest economy. In addition, new home sales rose sharply in March, recovering from the effects of the harsh start of winter.
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On the equity side, the eyes are on Intel. The chip company’s papers tumbled nearly five percent, making it by far the weakest value in the Dow. Declining sales in the data center business and a sharp drop in gross margins as a sign of losing market share spoiled investor mood.
Meanwhile, investors have bravely taken over other chip makers. Shares of Xilinx and AMD recorded gains of more than five percent each. Overall, the industry is benefiting from global semiconductor bottlenecks, which, among other things, are making automakers tough.
American Express increased its profits strongly at the start of the year, but sales were down significantly. The credit card company has also suffered from the fact that the pandemic has crippled international travel, which is why lucrative hotel or flight reservations, which are often paid for with credit cards, are no longer available. American Express Securities lost nearly 2%.
Honeywell is more than 2 percent lower than other benchmarks. The conglomerate has been disappointed with its earnings forecast for this year.
As for the Snapchat photo app, it is helpful to have an app that works well for Android smartphones. The number of daily active users increased significantly in the last quarter. For the first time, more than half of phone users accessed Snapchat using Google’s system, Snap announced. Snap’s shares rose sharply in early trading and last were under three percent.