{"id":111112,"date":"2021-04-01T17:40:10","date_gmt":"2021-04-01T17:40:10","guid":{"rendered":"https:\/\/fin2me.com\/?p=111112"},"modified":"2021-04-01T17:40:10","modified_gmt":"2021-04-01T17:40:10","slug":"sp-500-hits-4000-on-tech-power-recovery-optimism","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/sp-500-hits-4000-on-tech-power-recovery-optimism\/","title":{"rendered":"S&amp;P 500 hits 4,000 on tech power, recovery optimism"},"content":{"rendered":"<p>(Reuters) &#8211; The S&amp;P 500 breached the 4,000 mark for the first time on Thursday, powered by gains in technology shares and optimism about a pickup in global economic activity.<\/p><figcaption>FILE PHOTO: A child leaps off a bench outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021.  REUTERS\/Brendan McDermid\/File Photo<\/figcaption><p>A mammoth vaccination drive and a massive fiscal stimulus are expected to drive a recovery in the labor market, prompting investors to look past latest data that showed a rise in the number of Americans filing new claims for jobless benefits last week.<\/p>\n<p>The closely watched monthly jobs report on Friday could show the U.S. economy added 647,000 jobs in March, on top of a 379,000 increase in February.<\/p>\n<p>The 4,000 level \u201ccould be a possible inflection point where it renews confidence that this bull cycle is not over and that equities can remain resilient in the face of heightened interest rates and perhaps a not as extremely accommodative Fed policy,\u201d said Matt Hanna, portfolio manager at Summit Global Investments.<\/p>\n<p>It took the benchmark index about a year-and-a-half to close the 1,000-point gap to 4,000, compared with about five years from 2,000 to 3,000 points.<\/p>\n<p>The blue-chip Dow is just 1% shy off a record high. The Nasdaq, however, is about 5% below its all-time high as a rapid rise in U.S. bond yields accelerated a rotation from richly-valued tech stocks to underpriced economy-linked stocks.<\/p>\n<p>Seven of the 11 major S&amp;P sectors rose, with technology, communication services and energy gaining more than 1%.<\/p>\n<p>Related Coverage<\/p>\n<\/p>\n<p>\u201cApril is usually a pretty good month for the market historically and I would expect that momentum to continue especially as we see the economy strengthen,\u201d said Larry Adam, chief investment officer at Raymond James.<\/p>\n<p>Micron Technology Inc jumped 4.6% after the chipmaker forecast fiscal third-quarter revenue above Wall Street estimates due to higher demand for memory chips, thanks to 5G smartphones and artificial intelligence software.<\/p>\n<p>U.S.-listed shares of rival Taiwan Semiconductor rose 3.8% on its plan to invest $100 billion over the next three years to meet the rising chip demand.<\/p>\n<p>The technology-heavy Nasdaq jumped 1.48% as \u201chigh flying\u201d stocks including Amazon.com Inc, Apple Inc, Alphabet Inc, Microsoft Corp and Facebook Inc added between 1.1% and 2.4%. At 10:34 a.m. ET, the Dow Jones Industrial Average was up 123.69 points, or 0.38%, at 33,105.24, the S&amp;P 500 was up 33.86 points, or 0.85%, at 4,006.84.<\/p>\n<p>The three main indexes are set to close out a holiday-shortened week with gains, led by Nasdaq. U.S. stock markets will remain shut for Good Friday holiday.<\/p>\n<p>The CBOE volatility index slipped below 18 points for the first time in 14 months, a level last seen before the coronavirus-driven global financial market meltdown in March 2020.<\/p>\n<p>Johnson &amp; Johnson fell 0.5% after the drugmaker said it had found a problem with a batch of the drug substance for its COVID-19 vaccine being produced by Emergent Biosolutions, whose shares tumbled 14%.<\/p>\n<p>Advancing issues outnumbered decliners by a 2.80-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 2.0-to-1 ratio on the Nasdaq.<\/p>\n<p>The S&amp;P index recorded 20 new 52-week highs and no new lows, while the Nasdaq recorded 99 new highs and 22 new lows.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/us-usa-stocks\/sp-500-hits-4000-on-tech-power-recovery-optimism-idUSKBN2BO56X\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; The S&amp;P 500 breached the 4,000 mark for the first time on Thursday, powered by gains in technology shares and optimism about a [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":111111,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S&amp;P 500 hits 4,000 on tech power, recovery optimism - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/sp-500-hits-4000-on-tech-power-recovery-optimism\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&amp;P 500 hits 4,000 on tech power, recovery optimism - Fin2me\" \/>\n<meta property=\"og:description\" content=\"(Reuters) &#8211; 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