
The US stock market finished session higher on Friday, 23 April 2021, as fresh economic data underscored that a strong economic recovery is under way. At the close of trade, the Dow Jones Industrial Average index advanced 227.59 points or 0.67% to 34,043. The S&P 500 index increased 45.19 points or 1.09% to 4,180. The tech-heavy Nasdaq Composite Index gained 198.40 points or 1.44% 14,017.
The gains were shared broadly by nearly every sector in the index. Technology companies accounted for a big slice of the rally, along with banks, communication stocks and companies that rely on consumer spending. The utilities and consumer staples sectors closed slightly lower.
ECONOMIC NEWS: The Commerce Department released a report showing new home sales skyrocketed by 20.7% to an annual rate of 1.021 million in March after plunging by 16.2% to a revised rate of 846,000 in February.
The flash reading for the U. S. Composite Output Index stood at 62.2 in April, up from 59.7 in March, preliminary data from IHS Markit showed Friday.
IHS Markit’s flash U. S. Services Business Activity Index came in at 63.1 in April, up from 60.4 in March and a series record high. IHS Markit Manufacturing PMI was 60.6 in April, up from 59.1 in March.
In overseas trading, Asia-Pacific stock markets were mixed on Friday. Japan’s Nikkei 225 Index slid by 0.6%, while China’s Shanghai Composite Index rose by 0.3%. Meanwhile, European market closed mostly lower. The French CAC 40 Index dipped by 0.2% and the German DAX Index fell by 0.3% while the U. K.’s FTSE 100 Index closed nearly unchanged.
Powered by Capital Market – Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
Originally Appeared On: https://www.business-standard.com/article/news-cm/us-market-gains-on-upbeat-economic-data-121042400159_1.html