The Nasdaq's record high close confirmed the end of an 11 per cent correction in the index that began after its previous record high close on February 12, with the index closing at a low on March 8. — Reuters picNEW YORK, April 27 ― The S&P 500 and Nasdaq closed at record highs yesterday, fuelled by Tesla Inc and other heavyweight growth stocks ahead of a deluge of earnings reports this week.
Companies that constitute about 40 per cent of the S&P 500's market capitalisation report from Tuesday through Thursday, including Microsoft Corp, Google parent Alphabet Inc, Apple Inc and Facebook Inc. Shares of those companies also rose. “We’re way above the average for firms reporting earnings above estimates. More important than the fact that they are beating on estimates is that they are raising their expectations and outlooks going forward, and that’s giving the markets a nice boost,” said Sal Bruno, chief investment officer at IndexIQ.
The Dow Jones Industrial Average fell 0.18 per cent to end at 33,981.57 points, while the S&P 500 gained 0.18 per cent to 4,187.62.Market participants are also watching out for any fresh developments on US President Joe Biden's tax plan after reports last week said he would seek to nearly double the capital gains tax to 39.6 per cent for wealthy individuals.
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