Bloomberg
Stocks Rise Amid Solid Economic Data; Dollar Falls: Markets Wrap
(Bloomberg) -- Stocks climbed after strong economic data added to evidence the recovery is gaining momentum, with traders also assessing a batch of corporate earnings. The dollar retreated.Most major groups in the S&P 500 advanced, led by financial, commodity and tech shares. The Russell 2000 of small caps outperformed major benchmarks. Tesla Inc. and Apple Inc. paced gains in megacap stocks. Snap Inc. rallied as the social-media giant’s user growth beat estimates, while footwear maker Skechers USA surged on an upbeat outlook. Blue chips Honeywell International Inc., American Express Co. and Intel Corp. weighed on the Dow Jones Industrial Average.Data Friday showed that U.S. new-home sales rebounded sharply in March to the highest since 2006, suggesting that the housing market is back on track. Meanwhile, a gauge of output at American manufacturers and service providers reached a record high in April, adding to evidence of stronger demand.Other corporate highlights:Kimberly-Clark Corp., the maker of Scott toilet paper, slid on steep sales declines that signaled the potential end of a boon triggered by the pandemic.Schlumberger, the world’s biggest crude contractor, said it expects a gradual recovery of oil demand to boost overseas work through the end of this year.Equities whipsawed this week amid a flare-up in global coronavirus cases and news that the White House plans to propose almost doubling the capital-gain tax rate for the wealthy. As stocks traded near all-time highs, traders also waded through corporate earnings and economic figures to get a sense on the pace of a rebound in activity.“A phrase I have heard a lot over the last couple of weeks is that the market is in a ‘wait and see’ mode,” wrote Chris Iggo, chief investment officer of core investments at AXA Investment Managers. “The consensus is clear, and we are waiting for the data to confirm that the global economy is at the beginning of a long expansion.”Comparing U.S. stocks to high-yield bonds makes equities “look less stretched,” according to Jeroen Blokland, a manager of multi-asset funds at Robeco. While the Cboe Volatility Index, or the VIX, set a 14-month low last week, the yield spread for the Bloomberg Barclays U.S. Corporate High-Yield Index reached its narrowest since July 2007 in the previous week. “Equities are relatively attractive versus high yield” on this basis, he wrote in a blog post.These are some of the main moves in markets:StocksThe S&P 500 climbed 0.5% at 10:32 a.m. New York time.The Stoxx Europe 600 Index declined 0.4%.The MSCI All-Country World Index rose 0.4%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%.The euro climbed 0.4% to $1.2062.The Japanese yen was little changed at 107.95 per dollar.BondsThe yield on 10-year Treasuries climbed four basis points to 1.58%.Germany’s 10-year yield was unchanged at -0.25%.Britain’s 10-year yield rose one basis point to 0.754%.CommoditiesWest Texas Intermediate crude climbed 1.4% to $62.31 a barrel.Gold declined 0.5% to $1,773.10 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The Link LonkApril 23, 2021 at 04:20PM
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