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Markets closed in the green on Friday as the U.S. GDP expanded at a rate higher than the consensus estimate for the period. Further, such positive developments also negated the impact of mixed corporate earnings in the first quarter. Meanwhile, the S&P 500 and the Nasdaq closed the session at record highs.
The Dow Jones Industrial Average (DJI) increased 0.3%, to close at 26,543.33. The S&P 500 increased almost 0.5% to close at 2,939.88. The tech-laden Nasdaq Composite Index closed at 8,146.40, gaining 0.3%. The fear-gauge CBOE Volatility Index (VIX) decreased 0.1% to close at 13.24. Advancers outnumbered decliners on the NYSE by a 1.23-to-1 ratio. On Nasdaq, a 1.16-to-1 ratio favored declining issues.
How Did The Benchmarks Perform?
The Dow gained 81.3 points to close in the green. Gains for the 30-stock index were rather broad-based. The Dow finished the day just 1.5% below its all-time high.
The S&P 500 gained 13.7 points to also end in the green. Of the 11 major sectors of the S&P 500, nine ended in positive territory, with healthcare leading the advancers. The Health Care Select Sector SPDR ETF (XLV) increased 1% on Friday. Further, the broader index closed at an all-time high.
Per the latest reports from the Bureau of Economic Analysis on Apr 26, the U.S. economy advanced at its fastest pace in past four years in the first quarter of 2019.
U.S. GDP increased at 3.2% in the first quarter of 2019, surpassing the consensus estimate of 2.1%. The figure is also higher than the 2.2% growth recorded in the last quarter of 2018. This also marked the first time since 2018 that first-quarter GDP has surpassed the 3% level.
However, the experts stated that since this growth was propelled a rise in inventories and growth in exports, such an economic growth is not likely to continue in the months and quarters to come. This is because experts do not expect the exports and inventories to remain strong in the remaining part of this year.
However, steady economic growth in the first quarter boosted the investor sentiment and led to a broad based rally in the markets. Further, evidence of strength in the U.S. economy amid a global economic slowdown also propelled gains for the markets.
Weekly Roundup
For the week, while the Dow declined 0.1%, the S&P 500 and the Nasdaq climbed 1.2% and 1.9%, respectively. This also marked the tech-laden index's fifth weekly gain on the trot.
Major indexes wobbled throughout the week as the first quarter earnings results remained mixed. Notably, On Apr 23, the S&P 500 and Nasdaq Composite recorded new all-time highs. Moreover, crude oil prices moved up further after reaching a 6-month high on Apr 22.
Further, On Apr 22, the South China Morning Post reported that the government of China has decided to end economic stimulus and will focus on structural reforms in order to steady the economy. The 25-member Chinese politburo expressed confidence in the country’s performance in the first quarter.
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This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
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Stock Market News For Apr 29, 2019
Markets closed in the green on Friday as the U.S. GDP expanded at a rate higher than the consensus estimate for the period. Further, such positive developments also negated the impact of mixed corporate earnings in the first quarter. Meanwhile, the S&P 500 and the Nasdaq closed the session at record highs.
The Dow Jones Industrial Average (DJI) increased 0.3%, to close at 26,543.33. The S&P 500 increased almost 0.5% to close at 2,939.88. The tech-laden Nasdaq Composite Index closed at 8,146.40, gaining 0.3%. The fear-gauge CBOE Volatility Index (VIX) decreased 0.1% to close at 13.24. Advancers outnumbered decliners on the NYSE by a 1.23-to-1 ratio. On Nasdaq, a 1.16-to-1 ratio favored declining issues.
How Did The Benchmarks Perform?
The Dow gained 81.3 points to close in the green. Gains for the 30-stock index were rather broad-based. The Dow finished the day just 1.5% below its all-time high.
The S&P 500 gained 13.7 points to also end in the green. Of the 11 major sectors of the S&P 500, nine ended in positive territory, with healthcare leading the advancers. The Health Care Select Sector SPDR ETF (XLV) increased 1% on Friday. Further, the broader index closed at an all-time high.
Meanwhile, the Nasdaq surged 27.7 points to also close at an all-time high. Gains for the tech-heavy index were broad-based and supported by a 2.5% rally in the shares of Amazon (AMZN - Free Report) . The stock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
U.S. GDP Surpasses Estimates in Q1
Per the latest reports from the Bureau of Economic Analysis on Apr 26, the U.S. economy advanced at its fastest pace in past four years in the first quarter of 2019.
U.S. GDP increased at 3.2% in the first quarter of 2019, surpassing the consensus estimate of 2.1%. The figure is also higher than the 2.2% growth recorded in the last quarter of 2018. This also marked the first time since 2018 that first-quarter GDP has surpassed the 3% level.
However, the experts stated that since this growth was propelled a rise in inventories and growth in exports, such an economic growth is not likely to continue in the months and quarters to come. This is because experts do not expect the exports and inventories to remain strong in the remaining part of this year.
However, steady economic growth in the first quarter boosted the investor sentiment and led to a broad based rally in the markets. Further, evidence of strength in the U.S. economy amid a global economic slowdown also propelled gains for the markets.
Weekly Roundup
For the week, while the Dow declined 0.1%, the S&P 500 and the Nasdaq climbed 1.2% and 1.9%, respectively. This also marked the tech-laden index's fifth weekly gain on the trot.
Major indexes wobbled throughout the week as the first quarter earnings results remained mixed. Notably, On Apr 23, the S&P 500 and Nasdaq Composite recorded new all-time highs. Moreover, crude oil prices moved up further after reaching a 6-month high on Apr 22.
Further, On Apr 22, the South China Morning Post reported that the government of China has decided to end economic stimulus and will focus on structural reforms in order to steady the economy. The 25-member Chinese politburo expressed confidence in the country’s performance in the first quarter.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>