NEW YORK (AFP) – US stocks rocketed to fresh records on Friday (July 23), with the Dow finishing above 35,000 for the first time, in anticipation of more blowout earnings next week after this week’s positive round of results.
All three major indices finished the week at records, with the Dow Jones Industrial Average surging 0.7 per cent to close at 35,061.55.
The broad-based S&P 500 jumped 1 per cent to end at 4,411.79, while the tech-rich Nasdaq Composite Index also rose 1 per cent to 14,836.99.
The records marked a sharp reversal from the sentiment at the start of the week, when the Dow suffered its worst session of 2021 amid worries over rising infections of the Delta variant of the coronavirus.
But Maris Ogg of Tower Bridge Advisors said many of the companies that reported this week were upbeat about the outlook and not overly worried about the Delta variant.
“It’s encouraging that we are making new highs in the middle of the earnings season,” Ogg said, adding that the underlying demand growth in a reopening economy remains strong.
Companies with especially strong gains following reports Friday included the social media companies Snap, up 23.8 per cent and Twitter, up 3.1 per cent.
The positive sentiment also lifted large tech companies ahead of their reports next week. Facebook jumped 5.3 per cent and Google-parent Alphabet climbed 3.4 per cent.