Dow and S&P 500 close at record highs for third straight day
Ailan Evans, DCNF
The Dow Jones Industrial Average and S&P 500 stock indices closed at record highs on Thursday for the third consecutive day.
“Earnings have been nothing short of spectacular,” Jeff Schulze, investment strategist at ClearBridge Investments, told the WSJ. “It’s everything you want to see as an investor.”
Technology stocks performed best, according to Reuters. Apple, Amazon, and Google’s parent company Alphabet all gained. Data analytics and technology company Palantir’s share prices increased 12% from Wednesday to Thursday.
“The move into big tech is simply a trading opportunity. Big tech has been down for a week or so, underperforming the market pretty significantly,” Tim Ghriskey, chief investment strategist at Inverness Counsel, told Reuters.
At the same time, record high producer prices, partly due to supply chain disruptions, along with soaring consumer prices, continue to fuel inflation concerns. Treasury Secretary Janet Yellen in July predicted “rapid inflation” over the next several months.
The University of Michigan’s consumer sentiment index reported Friday a “stunning loss of confidence” in the U.S. economy, the seventh-largest drop since the survey began.
“Consumers have correctly reasoned that the economy’s performance will be diminished over the next several months,” the survey’s chief economist Richard Curtin said in the findings.