The Dow Jones Index passed 35,000 points for the first time. The Nasdaq and S&P 500 also posted unprecedented gains.
On Friday, Wall Street won its fourth straight session, extending a rally to the top three major US stocks. stock indices to record highs at the close as encouraging gains and signs of economic revival fueled risk appetite.
US stocks soared to new records on Friday. The Dow finished above 35,000 points for the first time, awaiting further gains next week after this week's positive round of earnings.
The top three indexes ended the week with a record. At the close of trading on the New York Stock Exchange, the Dow Jones rose 238.20 points to 35,061.55, a historic figure. At the same time, the selective S&P 500 rose 1.01% or 44.33 units to 4,411, 79, a record. Meanwhile, the Nasdaq Market Composite Index also reached unprecedented figures, gaining 1.04% or 152.39 to close at 14,836.99.
"We see a continuation of the last two days. It is a roller coaster in reverse. We made the dip first, and since then, we have risen to the top again," said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance.
Growth stocks and value stocks fluctuated for much of the week as market participants weighed rising COVID-19 Delta-variant infections against solid company results and signs of revival. Economical.
"There is a tug of war; there is a clear conflict in the market," added Zaccarelli. "There is a big difference of opinion on whether the future is bright or if there are clouds on the horizon."
"The strength of the rally is communicating to the market that what is happening with inflation is probably an exaggeration and that many of these things are not endemic and we will not have to live with them as we had to do in the 70s or the 80," explained Chilton Trust representative Nick Frelinghuysen.
Market players are now watching the Federal Reserve's two-day monetary policy meeting next week and a series of results from major companies.
The Fed's statement will be scrutinized for indications of a tough time on its expansionist policies. However, its president, Jerome Powell, has repeatedly said that the economy continues to need the full support of the central bank.
Shares of chipmaker Intel Corp fell after confirming late Thursday that it still faces supply constraints and disappointing guidance on its earnings outlook.
Expected high-profile earnings next week include Tesla Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, and Amazon.