Traders working on the New York Stock Exchange (NYSE) today, Wednesday, April 21, 2021.
Stock futures rose overnight Thursday as optimism about the economic recovery mounts amid strong labor data.
Futures on the Dow Jones Industrial Average gained 123 points, or 0.36%. The S&P 500 futures were up 0.27%. The Nasdaq 100 futures were up 0.19%.
Salesforce stock rose roughly 5% in expanded trading on Thursday after the software company’s first-quarter earnings exceeded Wall Street’s expectations for revenue and earnings. HP stock fell 5% despite better-than-expected second quarter results.
The Dow Jones Industrial Average rose 141.59 points in regular trading, while the S&P 500 rose 0.1%. The Nasdaq Composite closed flat.
Boeing stocks rose nearly 4% on optimism about the recovery economy. According to the Ministry of Labor, initial unemployment claims fell to a new pandemic low of 406,000.
“Two macro factors could add to increased confidence in today’s recovery: signs of higher inflation and signs of better job placement,” said Chris Hussey, chief executive officer of Goldman Sachs, in a note.
Meme stocks, fueled by traders on Reddit’s WallStreetBets forum, soared on Thursday, with AMC gaining as much as 47%. The cinema chain’s stocks closed 35.6% higher, while another Meme stock, GameStop, rose 4.8%.
The major indices are well on their way to close higher this week. The S&P 500 is up 1.08% since the start of the week. The blue chip Dow is up 0.75% over the same period, while the Nasdaq is up nearly 2%.
This week’s progress is due to investors monitoring the Washington back and forth over a comprehensive package of infrastructure that could further fuel the economic recovery. Senate Republicans on Thursday tabled a $ 928 billion counteroffer for infrastructure to President Joe Biden. However, that’s well below Biden’s recent $ 1.7 trillion offer.