Dow Trades Higher as Economic Indicators Improve, Earnings Strong
Investing.com
Published May 21, 2021 10:48AM ET
Updated May 21, 2021 10:58AM ET
By Christiana Sciaudone
Investing.com -- Markets improved for a second day as better-than-expected indicators and good earnings improved sentiment.
The Manufacturing PMI for May came in stronger that the forecast at 61.5 versus the expected 60.5. Yesterday's jobless claims were the lowest since the pandemic hit.
The Dow Jones was up 218 points, or 0.64%, the S&P 500 traded 12 points, or 0.3%, higher, while the Nasdaq slid slightly by 0.14%.
Financials, materials and energy led the charge forward, while tech stocks and consumer discretionary companies declined. Deere (NYSE:DE) jumped on strong earnings even amid supply chain complications, while Boeing (NYSE:BA) gained on a jump in Max 737 output expected next year, Reuters reported, citing people familiar with the situation.
Bitcoin, after a bumpy week, fell again after China called for crackdowns in mining behavior, CNBC reported.
Existing home sales decreased 2.7% in April from a month earlier to a seasonally adjusted annual rate of 5.85 million, lower than expected and than an unrevised 6.01 million in March. Total sales in April were up 33.9% from a year earlier when the U.S. was still largely locked down.
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