Dow ends above 35,000 for first time as US stocks hit records

Published July 24, 2021, 1:49 PM

by Agence-France-Presse

NEW YORK  (AFP) – US stocks rocketed to fresh records  Friday, with the Dow finishing above 35,000 for the first time, in anticipation  of more blowout earnings next week after this week’s positive round of results.

All three major indices finished the week at records, with the Dow Jones  Industrial Average surging 0.7 percent to close at 35,061.55.

The broad-based S&P 500 jumped 1.0 percent to end at 4,411.79, while the  tech-rich Nasdaq Composite Index also rose 1.0 percent to 14,836.99.

The records marked a sharp reversal from the sentiment at the start of the  week, when the Dow suffered its worst session of 2021 amid worries over rising  infections of the Delta variant of the coronavirus.

But Maris Ogg of Tower Bridge Advisors said many of the companies that  reported this week were upbeat about the outlook and not overly worried about  the Delta variant.

 “It’s encouraging that we are making new highs in the middle of the  earnings season,” Ogg said, adding that the underlying demand growth in a  reopening economy remains strong.

Companies with especially strong gains following reports Friday included  the social media companies Snap, up 23.8 percent and Twitter, up 3.1 percent. The positive sentiment also lifted large tech companies ahead of their reports next week. Facebook jumped 5.3 percent and Google-parent Alphabet  climbed 3.4 percent.