S&P 500 closes at record with traders encouraged by strong GDP data and big-tech earnings

  • Date: 30-Apr-2021
  • Source: Business Insider
  • Sector:Economy
  • Country:Middle East
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S&P 500 closes at record with traders encouraged by strong GDP data and big-tech earnings

US stocks closed higher on Thursday, with the S&P 500 notching a new record, as new data showed that the US economy is nearing full recovery.

Gross domestic product grew at an annualized rate of 6.4% in the first quarter, the Commerce Department announced on Thursday. The expansion ranks as the second-strongest pace of quarterly growth since 2003, dwarfed only by a record-breaking rebound in the third quarter of 2020.

Blockbuster earnings reports from tech giants Facebook and Apple also contributed to the record-setting gains in US equities. Facebook rose as much as 8% after reporting first-quarter earnings that beat Wall Street analyst estimates. Apple climbed as much as 3% before ending the day flat after beating expectations, increasing its dividend, and boosting its stock-buyback program.

Here's where US indexes stood at the 4 p.m. ET close on Thursday:

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"The US economy is going to enjoy a few more months of tremendous data releases on vaccinations, stimulus checks, and pent-up consumer demand," Edward Moya, senior market analyst at Oanda, said in a note. "The second half outlook is up