S&P Climbs to New Record

U.S. stocks rose again on Friday as the market’s record run carried on amid strong earnings from blue-chip companies as well as solid data signaling a snapback in the economy.

The Dow Jones Industrials captured 156.56 points to open Friday at 34,192.55,

The S&P 500 added 9.78 points to 4,180.20, to hit a fresh high.

The NASDAQ Composite ditched 21.24 points, to 14,038.76.

The last of the six largest U.S. banks – Morgan Stanley — reported stronger-than-expected earnings, bolstered by strong trading and investment banking results. Shares of the bank rose 0.3%.

PNC Financial gained more than 2% after the bank beat estimates on the top and bottom lines for its first-quarter report.

Wall Street is poised to wrap up another winning week. The S&P 500 has gained 1.3% this week, on pace for its fourth straight positive week. The Dow has climbed 1%, while the NASDAQ is up 0.9%.

Investor sentiment was boosted by a slew of economic data this week that pointed to a rebound in consumer spending, sentiment and the jobs market.

The University of Michigan said Friday its preliminary consumer sentiment index rose to a one-year high of 86.5 in the first half of this month from 84.9 in March.

Retail sales jumped 9.8% in March as additional stimulus sent consumer spending soaring, topping the Dow Jones estimate of a 6.1% gain.

Meanwhile, the U.S. Labor Department reported 576,000 first-time filings for unemployment insurance for the week ended April 10, reaching the lowest level since March 2020.

Prices for 10-Year Treasurys leaned a bit lower, raising yields to 1.58% from Thursday’s 1.57%. Treasury prices and yields move in opposite directions.

Oil prices fell 49 cents to $62.97 U.S. a barrel.

Gold prices swelled $12.70 to $1,779.50 U.S. an ounce.