S&P Flirts With All-Time High As Bulls Enliven Upbeat Economic Scenario By Investing.com

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© Reuters.

By Yasin Ebrahim Investing.com – The S&P 500 rallied to near record highs on Thursday, led by tech and cyclical stocks like banks, as investors bet the economy traces a quicker recovery amid improving. He was up 0.86% to $ 3,863.16, close to the all-time high of 3,870.9. It was up 0.84%, or 257 points, and up 0.91%. Initial jobless claims fell 33,000 to 779,000 in the week ending January 23, beating economists’ estimates of a lesser decline to 830.00. That marked the third consecutive week of declines, as well as the lowest level since late November. “The third consecutive week of decline, while still high, the continued improvement in claims suggests that layoffs have slowed down, a positive sign for the job market as well as for the broad-based recovery effort,” Stifel said in a note. Upbeat labor market data added credibility to investor bets that labor earnings rebounded last month after falling in December. “Following a 140,000 decline in December, we forecast a solid 250,000 rise in January nonfarm payroll employment with a 290,000 rise for private employers and a 40,000 decline in government payrolls,” Nomura said. “We expect food services employment to rise in January after a sharp decline in December, but we look for further moderation in job growth for other industries that have been less affected by the pandemic,” he added. Signs of an improving economy, coupled with expectations for a faster vaccine launch in the coming months, have propelled U.S. Treasury yields higher, widening the 5- to 30-year treasury curve. , an indicator of the health of the economy, mostly since March 2016. JPMorgan Chase & Co (NYSE :), Bank of America Corp (NYSE 🙂 and Wells Fargo & Company (NYSE 🙂 were up more than 2% . The technology was not far behind after giving up its earnings at the end of Thursday’s close, as earnings continued to surprise to the upside. PayPal (NASDAQ 🙂 rallied over 6% after beating quarterly estimates for both revenue and revenue. The payment processor has seen its market capitalization exceed $ 300 billion for the first time. Align (NASDAQ 🙂 The technology jumped to a record, up 13%, after reporting quarterly earnings and revenue that beat Wall Street estimates. Apple (NASDAQ :), meanwhile, was up more than 2% on reports that it had turned to Hyundai to support its momentum in the electric vehicle market. The Apple Car could make its road debut in 2025, according to media reports. Alphabet (NASDAQ 🙂 and Amazon, which reported notably better-than-expected quarterly results earlier this week, were virtually unchanged on the day. Retail-led trade at AMC Entertainment Holdings (NYSE 🙂 and GameStop continued to lose steam, with both stocks falling 19% and 35%, respectively.