We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
U.S. stocks closed higher on Thursday as investors shifted focus toward stocks that are likely to benefit as the economy reopens. Also, another set of strong economic data helped boost the confidence of investors, thus confirming that the economic recovery is on track. The Dow and the S&P 500 ended in positive territory, while the Nasdaq finished in the red.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.41% or 141.59 points to close at 34,464.64.
The S&P 500 climbed 0.12% or 4.89 points to finish at 4,200.88 points, with financial and industrial stocks rallying on hopes of a faster economic recovery.
The Financials Select Sector SPDR (XLF) and the Industrials Select Sector SPDR (XLI) rallied 1.2% and 1.4%, respectively. Six of the 11 sectors of the benchmark index closed in positive territory. Shares of The Boeing Company (BA - Free Report) jumped 3.9%. Boeing has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank stocks here.
The tech-heavy Nasdaq fell 0.01% or 1.72 points to end at 13,736.28 points.
The fear-gauge CBOE Volatility Index (VIX) was down 3.57% to 16.74. A total of 12.48 billion shares were traded on Thursday, higher than the last 20-session average of 10.52 billion. Advancers outnumbered decliners on the NYSE by a 1.85-to-1 ratio. On Nasdaq, a 1.95-to-1 ratio favored advancing issues.
Investors Shift Focus
Stocks haven’t been making much movement and staying in a holding pattern for the past few sessions as investors’ worries over rising inflation aren’t completely over. They have been keeping a close watch on how the Fed handles its policies and around when it plans to start pulling back on bond purchases. Markets will be closed Monday for the Memorial Day holiday.
Moreover, investors are also waiting for the release of the personal consumption expenditure index, the Fed measure of inflation. This sentiment persisted till Thursday, with stocks making marginal gains.
At the same time, strong-than-expected labor market data, somewhat lifted investors’ sentiment as they now feel more confident about a faster economic recovery. This saw investors shifting focus from the high-growth technology stocks toward cyclical stocks.
Economic Data
Strong labor market data bolstered investors’ confidence in the economy once again on Thursday. Initial jobless claims fell 38,000 to 406,000 for the week ended May 22, according to the U.S. Labor Department. This is the fourth straight week of decline in initial jobless claims.
In a separate report, the Commerce Department said that the GDP grew at an annualized pace of 6.4% in the first quarter. Thursday’s figures remain unchanged from the initial estimates.
In other economic reports released on Thursday, durable goods orders declined 1.3% in April. However, core orders increased 1%.
Also, pending home sales declined 4.4% in April.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Image: Bigstock
Stock Market News for May 28, 2021
U.S. stocks closed higher on Thursday as investors shifted focus toward stocks that are likely to benefit as the economy reopens. Also, another set of strong economic data helped boost the confidence of investors, thus confirming that the economic recovery is on track. The Dow and the S&P 500 ended in positive territory, while the Nasdaq finished in the red.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.41% or 141.59 points to close at 34,464.64.
The S&P 500 climbed 0.12% or 4.89 points to finish at 4,200.88 points, with financial and industrial stocks rallying on hopes of a faster economic recovery.
The Financials Select Sector SPDR (XLF) and the Industrials Select Sector SPDR (XLI) rallied 1.2% and 1.4%, respectively. Six of the 11 sectors of the benchmark index closed in positive territory. Shares of The Boeing Company (BA - Free Report) jumped 3.9%. Boeing has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank stocks here.
The tech-heavy Nasdaq fell 0.01% or 1.72 points to end at 13,736.28 points.
The fear-gauge CBOE Volatility Index (VIX) was down 3.57% to 16.74. A total of 12.48 billion shares were traded on Thursday, higher than the last 20-session average of 10.52 billion. Advancers outnumbered decliners on the NYSE by a 1.85-to-1 ratio. On Nasdaq, a 1.95-to-1 ratio favored advancing issues.
Investors Shift Focus
Stocks haven’t been making much movement and staying in a holding pattern for the past few sessions as investors’ worries over rising inflation aren’t completely over. They have been keeping a close watch on how the Fed handles its policies and around when it plans to start pulling back on bond purchases. Markets will be closed Monday for the Memorial Day holiday.
Moreover, investors are also waiting for the release of the personal consumption expenditure index, the Fed measure of inflation. This sentiment persisted till Thursday, with stocks making marginal gains.
At the same time, strong-than-expected labor market data, somewhat lifted investors’ sentiment as they now feel more confident about a faster economic recovery. This saw investors shifting focus from the high-growth technology stocks toward cyclical stocks.
Economic Data
Strong labor market data bolstered investors’ confidence in the economy once again on Thursday. Initial jobless claims fell 38,000 to 406,000 for the week ended May 22, according to the U.S. Labor Department. This is the fourth straight week of decline in initial jobless claims.
In a separate report, the Commerce Department said that the GDP grew at an annualized pace of 6.4% in the first quarter. Thursday’s figures remain unchanged from the initial estimates.
In other economic reports released on Thursday, durable goods orders declined 1.3% in April. However, core orders increased 1%.
Also, pending home sales declined 4.4% in April.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>