Major stocks in the United States were mostly up last Friday before the public holiday over the weekend as investor’s endured fresh batch of economic figures.
The NASDAQ composite added as much as 4.94 points to settle at 6,210.19. The S&P 500 inched higher at 0.75 points and finishes at 2,415.82. NASDAQ and S&P both rose more than 1 percent as they touched their record closing highs and eked their seven-week winning streak. However the Dow Jones industrial average didn’t go with the flow due to its leading decliner Walt Disney and Home Depot, it ended the day slightly down by 0.01 percent at 21,080.28.
FBN Securities’ chief market strategist Jeremy Klein says that even though the S&P 500 finished on a record peak last week, its forward multiple has flattened by half a point twelve weeks ago. Klein added that stocks may be hardly cheap, but portfolio managers are still funneling capital into the tech sector.
The economic health of the United States grew by 1.2 percent in the first three months of 2017, which is considered as an improvement from the economic growth’s first reading. Their gross domestic product (GDP) for the first quarter tends to perform less due to the uncertainties with the measurement of data recognized by the government.
The Lindsey Group’s chief market analysts Peter Boockvar noted that the second reading of first quarter’s GDP gives a higher starting point mark from April to June, however the projections for the second quarter are currently stagnant. He added that on the previous day, stockpiles and trade declined and the durable goods release as of now will experience another drop. Meanwhile durable goods orders for the month of April unexpectedly fell.