Blockbuster earnings reports from tech giants Facebook and Apple also contributed to the record-setting gains in US equities. Facebook rose as much as 8% after reporting first-quarter earnings that beat Wall Street analyst estimates. Apple climbed as much as 3% before ending the day flat after beating expectations, increasing its dividend, and boosting its stock-buyback program.
Here’s where US indexes stood at the 4 p.m. ET close on Thursday:
“The US economy is going to enjoy a few more months of tremendous data releases on vaccinations, stimulus checks, and pent-up consumer demand,” Edward Moya, senior market analyst at Oanda, said in a note. “The second half outlook is up in the air, but for now everyone wants to ride this last big wave of growth.”
The 10-year U.S. Treasury yield rose after the GDP announcement and is now headed for its biggest weekly increase since March 5. The yield on the benchmark note climbed to 1.63%. Yields move inversely to prices.
“There were no surprises from the FOMC regarding rates,” “Dom Nolan, senior managing director at Pacific Asset Management, said in a note. “Until global economies have recovered from Covid, I believe getting a true read on supply chains and labor markets will be difficult, thus anchoring the view of transitory inflation vs. structure inflation.”
Endeavor Groupsurged as much as 19% during its trading debut following its initial public offering. The parent company of UFC and the William Morris talent agency raised $511 million, selling 21.3 million shares at a valuation of about $10 billion.
Bitcoin slipped roughly 4% in a volatile trading session that saw it rise as much as 1.4%, above the $55,000 level. The cryptocurrency is now back below $53,000. Ether hit a new peak, inching closer to the $2,800 level, before paring gains.
Oil markets rallied to a six-week high. West Texas Intermediate crude rose as much as 2.5%, to $65.47 per barrel. Brent crude, oil’s international benchmark, rose 2.5%, to $68.95 per barrel, at intraday highs.
Gold fell as much as 1.4%, to $1,756.23 per ounce.