Close Update: US Stocks Advance Into Record Territory Thursday as Earnings Results Lift Market Sentiment

Last Updated: Thursday, July 29, 2021 4:51 PM | MT Newswires

US stocks advanced into record territory Thursday as the results of second-quarter earnings lifted market sentiment.

The Dow Jones Industrial Average was higher by 0.4% to 35,084.53, the S&P 500 also gained 0.4% at 4,419.15 and the Nasdaq Composite added 0.1% to 14,778.26. Materials and financials were the leading equity sectors, while real estate and communication services were the only decliners.

The 10-year US Treasury yield was little changed at 1.26%.

The US economy grew modestly in the second quarter, with the advance reading for the gross domestic product coming in at 6.5% annualized, lagging the 8.4% estimate in a survey compiled by Bloomberg. GDP stood at 6.3% in the previous quarter.

Consumption rose by 11.8% in the second quarter, moderately faster than the 11.4% increase in the previous quarter. The pace of goods consumption slowed, but spending on services accelerated, a sign that the recovery from the pandemic is continuing in the hardest hit sectors.

Initial jobless claims in the US dropped by 24,000 to 400,000 during the week ended July 24, the US Department of Labor said Thursday. Analysts polled by Econoday had expected claims of 390,000.

In company news, Citrix Systems (CTXS) posted lower Q2 adjusted earnings even as revenue increased and cut its full-year 2021 guidance. Shares plunged by 14%, the most on S&P 500.

The top performer on the index was Align Technology (ALGN), with shares up 9%, after Q2 results topped forecasts and the company guided 2021 sales above the market's expectations.

PayPal (PYPL) shares were down 6% after the company reported late Wednesday higher sales and earnings in Q2 but its projections for the full-year 2021 were downbeat.

West Texas Intermediate crude oil gained 1.5% to $73.50 per barrel.

In the metals markets, gold rose by 1.6% to $1,832.60 per troy ounce, silver was up 3% to $25.62 an ounce and copper was up 0.9% to $4.53 per pound.

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