Dow soars 448 points to record | Biden’s Big Tech crackdown | Sen. Warren slams Wells Fargo

FRI, JUL 09, 2021

EVENING BRIEF

AS OF FRI, JUL 09, 2021 • 04:56 ET

DJIA		34870.16
		+1.30%	+448.23

S&P 500		4369.55
		+1.13%	+48.73

NASDAQ		14701.92
		+0.98%	+142.13

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	145.11	+1.87	+1.31%
MSFT	277.94	+0.52	+0.19%
INTC	55.99	+0.60	+1.08%

S&P 500
NAME	LAST	CHG	%CHG
AAPL	145.11	+1.87	+1.31%
F	14.48	+0.42	+2.99%
BAC	40.04	+1.26	+3.25%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	145.11	+1.87	+1.31%
AMD	90.90	+1.16	+1.29%
MSFT	277.94	+0.52	+0.19%

EDITOR'S NOTE

U.S. markets ended a holiday-shortened — but nonetheless volatile — week on a high note, as all three major stock indexes capped Friday with records.

The S&P 500 finished the day up 1.1% at 4,369.55 as financials, energy and materials, which suffered some the greatest losses on Thursday, rebounded to lead the broad market index to its best-ever close. The Nasdaq Composite and Dow Jones Industrial Average also made history by the closing bell, with advances of 0.9% and 1.3%, respectively. The Dow finished the day at 34,870.16 and the Nasdaq at 14,701.92, both fresh all-time highs.

Despite a pullback on Thursday, all three major indexes notched gains for the week. The S&P 500 and Nasdaq each added 0.4%, and the Dow advanced more than 0.2% since last Friday's close.

Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management, said that despite some growing concerns about a slowing economic recovery and rising prices, the U.S. still has a lot of positives on the horizon.

"Over the past few months, rising inflation has awakened fears that we are racing into the later innings of an economic cycle," he wrote Friday. "We don't think the U.S. economy is out of slack yet."

"As a result, we view inflation as temporary, and importantly, we don't believe the Fed harbors any desire to tighten this economy into a recession," Schutte added.

Still, investors are likely to keep a close eye on Washington in the weeks ahead as lawmakers near the deadline to increase the federal debt ceiling. Debate around whether to suspend or raise the ceiling, critical to the nation's ability to pay its bills, is likely to be used as a political football as lawmakers gear up for the key 2022 midterm elections.