Stocks Set to Roar into Weekend
May 14,2021 10:38 am EST
U.S. stocks jumped on Friday, rebounding for a second day led by technology shares and reopening trades after Wall Street started the week with big losses.
The Dow Jones Industrials soared 280.2 points to 34,301.65.
The S&P 500 gained 46.33 points, or 1.1%, to 4,158.83.
The NASDAQ jumped 206.85 points, or 1.6%, to 13,331.83.
Stocks advanced even after data showed consumer purchases slowed down last month. Advance retail sales was flat for April, the Commerce Department reported Friday. That compared to the Dow Jones estimate of a 0.8% gain and a 9.8% surge in March.
The Dow and the S&P 500 are down more than 1% each for the week, while tech stocks have been hit especially hard, pulling the NASDAQ down over 3% for the week.
Tech stocks were the biggest outperformers Friday. Tesla gained 1.2%. Twitter was also up more than 1%. Facebook, Apple, Amazon, Netflix and Alphabet were all trading in the green.
Disney shares were bucking the trend, falling 4.5% after posting weaker-than-expected revenue and streaming subscribers.
Stocks most exposed to the ongoing recovery jumped again Friday after the Centers for Disease Control and Prevention eased guidelines saying that in most settings fully vaccinated people don''t need to wear masks indoors or outdoors.
United Airlines and American Airlines both climbed more than 4%. Carnival shares popped 6%, while Norwegian Cruise Line and Royal Caribbean advanced more than 5% each.
Prices for 10-Year Treasurys moved higher, thus lowering yields to 1.64% from Thursday''s 1.66%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.17 to $64.99 U.S. a barrel.
Gold prices gained $15.30 to $1,839.30 U.S. an ounce.
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