BUSINESS US stocks in record range after mostly good economic data

BUSINESS

US stocks in record range after mostly good economic data

AFP

23:03, June 24, 2021

Wall Street stock indices jumped into record territory early Thursday as markets digested a batch of mostly upbeat economic data amid easing worries over potential monetary policy shifts.

File photo: VCG

Both the S&P 500 and Nasdaq stood above their all-time closing highs following data that included a confirmation of strong 6.4 percent US growth in the first quarter.

Other data released by the US government showed a rise in durable goods orders in May and a modest decline in weekly jobless claims.

Elsewhere, a report on German business confidence came in at a near three-year high, while the Bank of England maintained ultra-low interest rates and characterized price increases as "temporary."

A note from Charles Schwab analysts said concerns about a "premature" tightening of monetary policy were "globally waning," driving the strong early trading.

About 30 minutes into trading, the Dow Jones Industrial Average was at 34,142.27, up 0.8 percent.

The broad-based S&P 500 gained 0.6 percent to 4,265.00, while the tech-rich Nasdaq Composite Index advanced 0.7 percent to 14,373.49.


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