The S&P 500 and Dow Jones Industrial Average set new all-time highs on Friday, capping up a week of moderate increases.
The shares of Pfizer (PFE) rose on the news of a Covid vaccination booster, while Walt Disney (DIS) fell from its highs after a strong earnings report. The stock of Virgin Galactic (SPCE) fell sharply when the company revealed that creator Sir Richard Branson sold $300 million worth of shares.
Disney’s stock surged 1% after the company posted record fiscal third-quarter results, propelling the Dow to reach a new high. Disney+ subscription growth, total revenue, and profitability are all above Wall Street estimates.
On Thursday, the Labor Department said that weekly unemployment claims were 375,000 last week, meeting expectations and decreasing for the third week in a row. Meanwhile, removing volatile food, trade services, and energy components, the producer price index climbed 0.9% last month, compared to an estimate of 0.5%.
Quick market analysis
The Nasdaq composite managed to claw its way out of the red, finishing just ahead of the S&P 500. The strongest performer was eBay (EBAY), which increased by more than 7%. Baidu (BIDU) was the most significant loser, with a drop of nearly 4%.
The S&P 500 index reached a new intraday high and ended the day up 0.2%. Advanced Micro Devices (AMD) was one of the best-performing stocks, increasing by over 4%.
Consumer staples and utilities outpaced the S&P sectors, with Tyson Foods up 2.3% and NRG Energy up 1.3%. As energy and industrials stocks lagged, Diamondback Energy and United Rentals both fell 4.7% and 2.2%. Ebay’s stock increased by 7.4%.