US stock market surged to a record high on Friday. while President Biden Prepare to reveal his $6 trillion budget proposal And investors scrutinize economic data and report earnings.
The Dow Jones Industrial Average rose 152 points, or 0.44%, while the S&P 500 and Nasdaq Composite were up 0.29% and 0.34%, respectively. Both the Dow and S&P 500 closed on Wednesday within 1% of their respective all-time highs. The Nasdaq stayed. within 3% of the all-time high
|Me: DJI||Dow average||34564.95||+100.31||+0.29%|
|I:COMP||Nasdaq Composite Index||13784.813104||+48.54||+ 0.35%|
Biden’s proposed budget will fund large-scale social projects. This includes general pre-kindergarten. and child care subsidies and increase the capital gains tax retroactively until the end of April would result in a $1.8 trillion deficit.
When looking at the economic calendar Personal income fell 13.1% in April. Due to the increase in the previous month from the examination of the stimulus measures began to decline Personal spending rose 0.5%. Economists polled by Refinitiv expected personal income to drop 14% and consumer spending up 0.5%.
In other parts of the economy, the main personal consumption expenditure Excluding food and energy, it rose 0.7% month-to-month and 3.1 percent annually, the largest reading in at least 28 years. The 1.2 percent annual increase from March was the largest since record-keeping began. established in 1960
AMC, GME, VIRGIN GALACTIC SHORT SELLERS LOSE $2.7B THIS WEEK
|AMC||AMC ENTERTAINMENT HOLDINGS INC||30.94||+4.41||+16.62%|
As for stocks, the near-term squeeze on AMC Entertainment Holdings Inc. and GameStop Corp. continues for a fifth day. AMC shares are up 120 percent and GameStop shares are up 44 percent this week through Thursday.
Boeing has suspended deliveries of the Boeing 787 Dreamliner because of production problems, The Wall Street Journal reports.
In terms of revenue, Salesforce.com Inc. surpasses both the top and bottom lines. and leading above analysts’ expectations Revenue from core cloud products increased 11% year-on-year.
Dell Technologies Inc. and HP Inc. said global chip shortages could hurt their ability to meet laptop demand this year. Both companies recorded revenue and revenue that exceeded Wall Street estimates.
COSTCO inflation signal shipping cost to play
|cost||Cosco Wholesale Co., Ltd.||381.85||-5.65||-1.46%|
And Costco received an upgrade from several analysts after the warehouse retailer reported double-digit quarterly net sales growth of 21.7 percent to $44.38 billion, up from $36.45 billion last year.
On commodities, West Texas Intermediate crude rose 65 cents to close at $67.50 a barrel. And gold was up $1 at $1,899.50 an ounce.
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Most foreign markets are higher
France’s CAC 40 moves forward in Europe It traded up 0.77%, while Germany’s DAX 30 and Britain’s FTSE 100 were up 0.75% and 0.36%, respectively.
In Asia, Japan’s Nikkei 225 was up 2.1 percent, Hong Kong’s Hang Seng index was up 0.04 percent and China’s Shanghai Composite was down 0.22 percent.