Stocks traded higher Friday in another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.
The S&P 500 and Dow each rallied to record levels, with the latter extending gains well beyond the 34,000 level. The Nasdaq ended a choppy session slightly higher, with technology stocks steadying after recent gains.
“The Dow’s push through 34,000 is a signal that investor appetite for future growth prospects is spilling over into more value-oriented names,” Peter Essele, head of portfolio management for Commonwealth Financial Network, said in an email. “The demand for industrials and more cyclically-oriented areas should continue as the vaccines take hold and earnings potentially come in higher than originally expected.”
Treasury yields ticked up Friday morning after retreating on Thursday even amid a batch of estimates-topping economic data….