Shares rose on Friday as signs of a recovery in the US economy sparked optimism and strong gains overshadowed lingering fears of higher inflation.
Bitcoin prices fell on Friday after China reiterated its intention to fight cryptocurrency mining.
The Dow Jones Industrial Average rose 269 points, or 0.79%, to 34,353, the S&P 500 rose 0.44% and the Nasdaq rose 0.08%.
Boeing ((BA) – Get the report rose Friday after reports that the aircraft maker was preparing to ramp up production on its flagship 737 MAX.
Stocks traded higher Thursday and suffered a three-day series of losses after data showed the number of Americans first filing for unemployment benefits fell to a pandemic low of 444,000 last week. The tech-heavy Nasdaq jumped 1.77%.
A report by IHS Markit on Friday said US economic activity spiked in May while factory production hit a record high as businesses and factories resurrected after state reopenings and vaccine launches.
Discussions on Wall Street continued to revolve around the potential for rising price pressures as the economy recovers from the coronavirus pandemic. That, in turn, has worried investors that higher prices for everything from groceries to gasoline to construction products will force the Federal Reserve to curb its economic support.
Government bond yields fell early Friday, with the benchmark for trading 10-year Treasury bills standing at 1.632%. Bond markets have remained relatively stable as consumer and factory prices have expired faster than expected.
Bitcoin resumed its sell-off on Friday after China announced it would stop mining and trading the world’s largest cryptocurrency.
In an official statement, China said it was necessary “to combat bitcoin mining and trading behavior and resolutely prevent the transfer of individual risks to the social sphere”.
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Foot locker ((FL) – Get the report Adjusted earnings for the first quarter beat analysts’ estimates thanks to a surge in sales in the same store as buyers returned from pandemic-triggered closings.
Palo Alto Networks shares ((PANW) – Get the report jumped Friday after the cybersecurity firm raised its profit and revenue forecast for the full year.
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