Dow, S&P close at records in 4th straight week of gains

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U.S. equity markets climbed to record highs Friday, booking their fourth straight week of gains following stronger-than-expected home construction data capping off a week of positive economic reports. 

The Dow Jones Industrial Average rallied 166 points, or 0.49%, while the S&P 500 and the Nasdaq Composite rose 0.36% and 0.1%, respectively. The gains came a day after the Dow climbed above 34,000 for the first time and the S&P 500 closed at its own record peak. 

Housing starts in March jumped by 19.4% from the prior month to 1.74 million units, the best showing since June 2006, while permits rose over 2% to 1,76 million units. Both signs of future demand. The strong data lifted the homebuilders.  

In earnings, Morgan Stanley wrapped up earnings reporting by the big banks with a beat on both the top and bottom lines fueled by its deal-making unit.  

Logistics management provider J.B. Hunt Transportation Services Inc. reported profit and revenue that exceeded Wall Street estimates despite disruptions caused by rail congestion and winter storms. 

Meanwhile, the NFL is partnering with Caesars Entertainment, DraftKings and FanDuel, all of which will get the use of NFL trademarks and official league data, and will integrate their own betting content into media properties including and the league's official app.


Alcoholic beverage producer Brown-Foreman Corp. announced CFO Jane Morreau will leave the company on July 1. She will be replaced by current Senior Vice President Leanne Cunningham who has been at the company for over 25 years. 

Investors are also eyeing Playboy, which is focusing on a brand refresh after returning to the public markets, the stock is hovering at record levels gaining over 219% since its SPAC merger closed in March. 

In commodities, West Texas Intermediate crude oil ticked slipped 33 cents to $63.13 per barrel and gold rallied $13.60 to $1,779 an ounce.

Overseas markets rallied across the board. 

Germany’s DAX 30 paced the advance in Europe, trading up 1.34%, while France’s CAC 40 and Britain’s FTSE 100 rose 0.85% and 0.52%, respectively. 

In Asia, China’s Shanghai Composite index climbed 0.81% after government data showed the country’s economy grew by a record 18.3% in the first quarter. Elsewhere in the region, Hong Kong’s Hang Seng index rallied 0.61% and Japan’s Nikkei 225 advanced 0.14%.


Steven Madden

Steven Madden

Steven has covered a variety of industries during his media career including car care, pharmaceutical, and retail.