Wall Street records an upswing in benchmark indices after Thursday’s tumbledown

Friday afternoon witnessed a benchmark recovery as S&P 500 hit a record high and rebounded from the blows of Thursday’s session that was tainted by doubts about the global economic recovery from the pandemic.

The S&P 500 rose 44 points, or 1%, to 4,364, putting the broad-market benchmark in the record-close territory. The Nasdaq Composite was up 127 points, or 0.9%, to 14,687. The Dow Jones Industrial Average rose 426 points, or 1.2%, to 34,848.

The stock market’s comeback after a slump in equities during the previous session has put all three indexes on track to end the week higher. Thursday’s downswing was attributed to concerns about the pandemic were blamed and the U.S. Treasury yields which fell to their lowest levels since February this week.

The 10-year U.S. Treasury yield was up 5.1 basis points at 1.349%, on Friday, after it hit a five-month low below 1.25% on Thursday.

Next week, the focus will shift to big banks that will report their second-quarter earnings. Reuters reported that analysts expect earnings growth of 65.8% for companies in the S&P 500 index in the quarter, up from a previous forecast of 54% growth at the start of the period.

Shares of Levi Strauss & Co rose 2.1% on Friday after the denim manufacturer announced its results that topped Wall Street estimates.

U.S.-listed shares of ride-hailing firm Didi Global Inc were up 3.1% after four loss-making sessions after China Launched a cybersecurity probe into the company.

Web-based mailing and shipping services firm, Stamps.com’s shares soared 64% after it announced its acquisition by software investment company Thoma Bravo in a cash deal valuing the former at $6.6 billion. 

Ten of the 11 major S&P 500 sectors were higher, with a 2.4% jump in financials leading gains, as the index eyed its best day in almost three weeks, reported Reuters

Picture Credits: Finance and Markets