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An Up-and-Down Week Ends on the 'Up' Side

S&P rises 1%
By Newser Editors and Wire Services
Posted Apr 23, 2021 3:09 PM CDT

(Newser) – Stocks ended in positive territory Friday to cap a choppy week. The Dow rose 227 points, or 0.6%, to 34,043; the S&P 500 rose 45 points, or 1%, to 4,180; and the Nasdaq rose 198 points, or 1.4%, to 14,016. The gains were shared broadly by nearly every sector in the S&P 500, per the AP. Technology companies were the biggest winners, with Apple rising 2.3% and Microsoft gaining 1.4% in afternoon trading. Banks, communication stocks, and companies that rely on consumer spending also helped lift the market. Treasury yields were mostly higher. Traders continue to focus on company earnings, getting results late Thursday from chip giant Intel and, on Friday, companies like American Express and Honeywell. Earnings have been mostly positive, but investors are weighing economic growth against threats from the pandemic and worries about changes in tax policy.

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“Earnings are very good," said Chris Gaffney, president of TIAA Bank World Markets. "That’s going to support higher stock prices along with the low interest rate environment we’re seeing.” Banks made solid gains as bond yields ticked higher, which allows them to charge more lucrative interest on loans. The yield on the 10-year Treasury rose to 1.56% from 1.55% late Thursday. Several earnings reports disappointed investors. Intel fell 5.8% for the biggest decline in the S&P 500 after the company said it expects the ongoing chip supply shortage to remain for some time. American Express fell 1.7% after the company reported a 10% drop in revenue from last year as many of its customers stopped using their cards for travel, entertainment, and dining.

(Read more stock market stories.)

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