Record close for Dow, S&P 500

The Dow and the S&P 500 set fresh record highs on Friday as investors show more confidence in the U.S. economic rebound.

The Dow jumped nearly 300 points on Friday. The S&P 500 rallied 31. The Nasdaq added 70.

A whiff of inflation failed to knock optimistic investors off their game. Producer prices showed their biggest annual gain in 9-1/2 years. The March upswing was fueled by rising prices across the board especially for goods.

Ryan Payne, president, Payne Capital Management says right now - the mood on Wall Street boils down to one phrase: economic optimism.

"Profits are going up and because of all this stimulus that's out there, all this pent-up demand, the world is going to rock-and-roll. The economy is going to get a lot stronger over the next couple of months. It's going to run red hot. So I think the bottom line is you want to be bullish here. We talked about inflation a lot today and stocks are one of your best inflation hedges."

Moderna was a stand-out stock. A small early-stage follow-up study showed vaccine antibodies still present six months after the second dose. Moderna rallied more than 5 percent.

Good news for Amazon.com in its battle against unions. A vote that would have unionized workers at an Amazon warehouse for the first time - failed by a more than 2-to-1 margin. Shares of Amazon rallied more than two percent.

But Boeing was down for the day. The planemaker warned some airlines of a possible electrical insulation problem in some newer 737 MAX jets. Those planes will have to be taken out of service; that's the same model that was grounded for 20 months after two deadly crashes. Shares of Boeing fell one percent.

Video Transcript

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- The Dow and the S&P 500 set fresh record highs on Friday, as investors show more confidence in the US economic rebound. The Dow jumped nearly 300 points. The S&P 500 rallied 31. The NASDAQ added 70. A whiff of inflation failed to knock optimistic investors off their game. Producer prices showed their biggest annual gain in nine and 1/2 years. The March upswing was fueled by rising prices across the board, especially for goods. Ryan Payne, President of Payne Capital Management, says right now, the mood on Wall Street boils down to one phrase, economic optimism.

RYAN PAYNE: Look, profits are going up. And because all this stimulus that's out there, all this pent up demand, the world's going to rock and roll. The economy's going to get a lot stronger over the next couple of months, it's going to run red hot. So I think the bottom line is look, I mean, you want to be bullish here. We talked about inflation a lot today, and stocks are one of your best inflation hedges.

- Moderna was a standout stock, a small early stage follow-up study showed vaccine antibodies still present six months after the second dose. Moderna rallied more than 5%. Good news for amazon.com in its battle against unions. A vote that would have unionized workers at an Amazon warehouse for the first time failed by more than 2 to 1 margin. Shares of Amazon rallied more than 2%.

But Boeing was down for the day. The plane maker warned some airlines of a possible electrical installation problem in some newer 737 MAX jets. Those planes will have to be taken out of service. That's the same model that was grounded for 20 months after two deadly crashes. Shares of Boeing fell 1%