S&P 500 hits record amid higher-than-expected jobless claims and continued Fed support (INX, DJIA, NDX, COMPX, RUI, RUT)

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• The stock market is flashing signals that point to a dot-com style bubble, but fundamentals are healthier now, Schwab says (INX, NDX, COMPX, DJIA, RUI, RUT) Summary List PlacementSpeculative behavior and other factors are inviting comparisons between current US stock market conditions and those during the boom-and-bust of the dot-com era, but today's fundamentals are more robust than two decades ago, according to investment firm Charles Schwab. A "rash of speculative behavior, an ever-increasing number of day-traders, and still-high valuations," have been driving talk about how stocks are performing now compared with the dot-com boom in the late-1990s and the bust that followed in the early-2000s,…
• Reopening turned into economic recovery in March, but it's just the base of the mountain Summary List PlacementAmerica's economic recovery has been somewhat disjointed over the last several months. When retail sales would surge, job additions would falter. Consumer sentiment would improve, but unemployment claims remained at elevated levels. And while manufacturers continued to enjoy outsize demand, restaurants and brick-and-mortar stores saw elevated COVID-19 infections eat into business.  Now, roughly one year after the pandemic began to spread across the country, those separate parts of the economy are rebounding in sync. Consumer sentiment soared to…
• US stocks mixed as Fed minutes show policies will remain unchanged Summary List PlacementUS stocks closed lower Wednesday after Federal Reserve officials agreed to keep policies in place — sticking to near-zero interest rates and monthly bond purchases — during the last meeting of the Federal Open Market Committee meeting in March, even as the economy showed clear signs of a rebound. Officials, according to the minutes released Wednesday afternoon, indicated that policies will not change simply on forecasts alone. While most of the 18 officials saw developments, they wanted some…
• Asian shares mostly higher after S&P record high By ELAINE KURTENBACH BANGKOK (AP) — Shares were mostly higher in Asia on Thursday after a mixed close on Wall Street, where gains for several Big Tech stocks nudged the S&P 500 to a second record high in three days. Tokyo’s Nikkei 225 index slipped 0.4% to 29,610.20 as a resurgence in coronavirus cases undermined confidence in a recovery from the pandemic. But other regional markets advanced. The Hang Seng in Hong Kong jumped 0.9% to 28,917.55. In Seoul, the…
• Asian shares mostly higher; Tokyo slips as virus cases surge Shares were mostly higher in Asia on Thursday though Tokyo’s benchmark declined as reports of rising coronavirus cases raised alarm over another setback in the recovery from the pandemic. Tokyo reported 545 new cases and Osaka's government declared a medical emergency as the latest surge in infections outpaced minimal progress in inoculating people against COVID-19. The Nikkei 225 index slipped 0.1% to 29,708.98, while the Hang Seng in Hong Kong jumped 1.2% to 29,014.57. In Seoul, the Kospi edged 0.2%…
• IMF upgrades forecast for 2021 global growth to a record 6% The rollout of COVID-19 vaccines and vast sums of government aid will accelerate global economic growth to a record high this year in a powerful rebound from the pandemic recession, the International Monetary Fund says in its latest forecasts. The 190-country lending agency said Tuesday that it expects the world economy to expand 6% for 2021, up from the 5.5% it had forecast in January. It would be the fastest expansion for the global economy in IMF records dating to…
• California, U.S. weekly jobless claims rise again Unemployment claims in California jumped to105,600 last week, up 9,600 from the prior week, the U.S. Labor Department reported Thursday. Since business shutdowns began in March 2020, California unemployment claims have been above 100,000 for 50 of the last 54 weeks. “The state continues to see a high number of layoffs, even a year after the pandemic started,” said Michael Bernick, an employment attorney with law firm Duane Morris, and a former director of the state Employment Development Department. During…
• The US economic recovery is turning from 'forecast to fact' but inflation is not a concern, Goldman Sachs says Summary List Placement Goldman said the strong US economic recovery is turning "from forecast to fact" as hiring picks up. Its chief economist said the economy should grow 7.2% in 2021 after contracting 3.5% in 2020. Yet Goldman said it is not overly worried about inflation, because unemployment should weigh on prices. Sign up here for our daily newsletter, 10 Things Before the Opening Bell The jump in employment in March shows that the rapid US economic recovery is "turning…
• US weekly jobless claims climb to 744,000 as unemployment remains persistently high Summary List PlacementThe number of Americans filing for unemployment benefits ticked higher last week as hiring slowed after surging through March. New filings for unemployment benefits totaled an unadjusted 744,000 for the week that ended Saturday, the Labor Department said. Economists surveyed by Bloomberg expected a reading of 680,000 claims. The reading marks a second straight jump and places claims at their highest level since early March. The previous week's reading was revised to 728,000 from 719,000. Continuing claims, which…
• Wall Street closes higher, pushing S&P 500 past 4,000 points By DAMIAN J. TROISE and ALEX VEIGA Stocks are closing broadly higher on Wall Street, pushing the S&P 500 past 4,000 points for the first time. Big Tech companies like Microsoft led the gains. The benchmark index climbed 1.1%, and the tech-heavy Nasdaq added 2.6%. Smaller companies continued to outpace the rest of the markets. Companies that would benefit from greater sales of electric vehicles rose after President Joe Biden outlined various measures to support their use as part of…