Facebook fuels S&P to record high
The S&P 500 rose to a record closing high Thursday amid encouraging economic data as investors awaited results from Amazon.
Shares of Facebook and financial titans JPMorgan Chase and Bank of America led a broad advance.
The Dow and S&P 500 both advanced seven-tenth percent, pushing the broader index to a new high while the Nasdaq added one-fifth percent.
While Facebook shares benefited from strong earnings – other stocks are not getting a bounce – even from stellar results - like Apple, whose shares closed nearly flat.
Homrich Berg Chief Investment Officer Stephanie Lang:
“It is a little bit disappointing that we're not seeing much more reaction of the particular names ever had blowout. So I think it's something to watch out for. A lot of the good news is already priced in.”
Investors also got data that showed economic growth accelerated in the first quarter, and 13,000 fewer Americans filed new claims for jobless benefits last week.
After the bell, shares of Amazon rose 3%. The e-commerce giant’s quarterly profit trounced expectations. The online shopping boom amid the health crisis drove up sales to nearly $109 billion.
Also after hours: Twitter shares dropped 8%. Sales surged past expectations, but the microblogging company said costs and expenses were rising, and it warned that user growth could slow in the coming quarters.
