Major U.S. stock indexes climbed for a third day.
 | THU, JUL 22, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 146.80 | +1.40 | +0.96% | | INTC | 55.96 | -0.27 | -0.48% | | MSFT | 286.14 | +4.74 | +1.68% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 146.80 | +1.40 | +0.96% | | BAC | 37.96 | -0.50 | -1.30% | | GE | 12.70 | -0.38 | -2.91% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 146.80 | +1.40 | +0.96% | | INTC | 55.96 | -0.27 | -0.48% | | AMD | 91.21 | +1.80 | +2.01% | |
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Major U.S. stock indexes climbed for a third day. The Dow Jones Industrial Average inched up 25.35 points to close at 34,823.35. The S&P 500 rose 0.2%, ending the day at 4,367.48. The tech-heavy Nasdaq Composite popped 0.3% to close at 14,684.60.
A surprise increase in the number of weekly jobless claims dampened investors' sentiment. Initial unemployment insurance filings jumped to 419,000 for the week of July 17, surpassing the estimate of 350,000 from economists polled by Dow Jones. The result was also higher than the upwardly revised 368,000 from the week before.
Second-quarter earnings continued to roll out. American Airlines reported net income of $19 million and ended five straight quarters of losses – aided by over $1 billion in federal payroll support. Investors punished the company, as shares slid 1.1%. Meanwhile, Domino's Pizza, which had an earnings beat, was rewarded with a 14.5% gain in share price. Big Tech names bolstered the major indexes on what was an otherwise subdued trading session. Facebook, Amazon and Microsoft rose more than 1%. Apple also gained 0.9% after Canaccord boosted its price target on the company to $175 from $165.  As investors grapple with falling interest rates, a resurgence of the coronavirus and other uncertainty, it's only natural that they gravitate toward tech names, noted Yung-Yu Ma, chief investment strategist at BMO Wealth Management.
"We saw during the depths of the pandemic that tech stocks and their earnings held up the best, so I think a lot of investors are going back to the well, given we have a Covid resurgence, given their questions about how much growth might level off in the coming quarters," he said. |
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