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Dow jumps 150 points as Wall Street heads for a winning week

Dow jumps 150 points as Wall Street heads for a winning week

28 May 2021

Stock futures climbed on Friday and markets headed for a winning week amid growing optimism over the U.S. economic recovery.

Futures for the Dow Jones Industrial Average gained 168 points, or 0.5%. The move pointed to an opening gain of about 185 points. S&P 500 futures rose 0.4% and Nasdaq-100 futures added 0.3%.

The S&P 500 is up 1.08% week to date and sits less than 1% from a record. The blue-chip Dow is 0.75% higher over the same time period, while the Nasdaq has gained nearly 2%.

Salesforce shares rose about 4% in premarket trading after the software company’s first-quarter earnings beat Wall Street expectations on its top and bottom lines. HP shares dropped 5% despite the company’s better-than-expected second-quarter results.

Ford was higher once again, up 1% in premarket trading Friday. The stock is up 11% this week so far after unveiling a new electric vehicle strategy.

A key inflation indicator — the core personal consumption expenditures index — rose 3.1% in April, faster than expectations of a 2.9% increase but not as hot as many on Wall Street had feared. Meanwhile, the savings rate remained elevated at 14.9% last month, while consumer spending rose 0.5%, in line with estimates.

Meme stocks fueled by traders in Reddit’s WallStreetBets forum surged on Thursday, with AMC shooting up as much as 47%. Shares of the movie-theater chain closed 35.6% higher while another meme stock, GameStop, gained 4.8%.

AMC was up another 10% in premarket trading Friday.

The moves higher this week come as investors monitor the back-and-forth in Washington over a comprehensive infrastructure package that could further boost the economic recovery. Senate Republicans unveiled a $928 billion infrastructure counteroffer to President Joe Biden on Thursday. However, that’s well below Biden’s most recent proposal of $1.7 trillion.

For the month of May, the S&P 500 is essentially flat, while the Dow is up 1.7%. The Nasdaq is off by about 1.6%.