- Title: Nike and banks lift S&P 500 to record high close
- Date: 25th June 2021
- Summary: ALBERTSTON, NEW YORK, UNITED STATES (JUNE 25, 2021) (REUTERS VIA SKYPE) (SOUNDBITE) (English) JIMMY CHANG, CHIEF INVESTMENT OFFICER, ROCKEFELLER GLOBAL FAMILY OFFICE, SAYING: "Today's market action is somewhat reflective of the good news on the bipartisan deal on infrastructure, and that's driving bond yields slightly higher, at least for now, a positive bias in equities. So overall, it's also a summer weekend trading activity. Volume probably comes down as we draw close to 4 o'clock (2000 GMT)."
- Embargoed: 9th July 2021 21:20
- Keywords: Nasdaq S&P 500 Wall Street inflation stocks
- Location: NEW YORK AND ALBERTSON, NEW YORK, UNITED STATES
- City: NEW YORK AND ALBERTSON, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002EIWDRGN
- Aspect Ratio: 16:9
- Story Text: The S&P 500 ended the week at record high on Friday (June 25), lifted by Nike and several banks, while weaker-than-expected inflation data eased worries about a sudden tapering in stimulus by the Federal Reserve.
Nike Inc surged to an all-time high after the sneaker maker forecast fiscal full-year sales ahead of Wall Street estimates, helping the Dow lead among the three main indexes.
Bank of America and Wells Fargo rallied after the Fed announced big banks have cleared stress test and will no longer face pandemic-related restrictions on buying back stock and paying dividends.
The S&P 500 financials index was among the top performers among 11 sector indexes.
A bipartisan Senate deal on infrastructure spending embraced by U.S. President Joe Biden on Thursday (June 24) continued to lift stocks, with the materials and industrials indexes increasing and helping the S&P 500 outperform the Nasdaq.
The latest personal consumption expenditures (PCE) data showed a measure of underlying inflation rose less than expected in May. Core PCE rose 3.4% year-over-year as expected, above the Fed's 2% flexible target.
Investors expected the session to be one of the busiest year as FTSE Russell reconstitutes its indexes following a wild trading year marked by the pandemic and a "meme" stocks.
The Dow Jones Industrial Average rose 0.69% to end at 34,433.84 points, while the S&P 500 gained 0.33% to 4,280.70. The Nasdaq Composite dropped 0.06%, to 14,360.39.
(Production: Fred Katayama, Soren Larson, Roselle Chen)
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