Traders working on the New York Stock Exchange (NYSE) today, Wednesday, April 21, 2021.
Stock futures rose in overnight trading Thursday as optimism about the economic recovery grows amid strong employment data.
Futures on the Dow Jones Industrial Average gained 122 points, or 0.35%. S&P 500 futures ticked 0.29% higher. Nasdaq 100 futures rose 0.22%.
Salesforce stock gained around 5% in expanded trading Thursday after the software company’s first-quarter earnings surpassed Wall Street’s expectations for revenue and earnings. HP shares fell 5% despite better-than-expected second quarter results.
The Dow Jones Industrial Average rose 141.59 points in regular trading, while the S&P 500 climbed 0.1%. The Nasdaq Composite closed flat.
Boeing shares rose nearly 4% amid optimism about the economic recovery. Initial jobless claims fell to a new pandemic low of 406,000, according to the Ministry of Labor.
“Two macro factors could contribute to increased confidence in the recovery today: signs of higher inflation and signs of better job placement,” said Chris Hussey, managing director of Goldman Sachs, in a statement.
Meme stocks fueled by traders on Reddit’s WallStreetBets forum rose Thursday, with AMC up as much as 47%. The cinema chain’s shares closed 35.6% higher, while another Meme stock, GameStop, rose 4.8%.
The major indices are on track to close higher this week. The S&P 500 is up 1.08% this week. The blue chip Dow is up 0.75% over the same period, while the Nasdaq is up nearly 2%.
The uptrend this week comes as investors watch the Washington back and forth over an extensive package of infrastructure that could further fuel the economic recovery. Senate Republicans tabled a $ 928 billion infrastructure counteroffer to President Joe Biden on Thursday. However, that’s well below Biden’s latest $ 1.7 trillion offer.