S&P 500, Dow scale all-time highs as economy picks up pace
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)
* Ford rises after strong earnings
* Tesla tracks best day in over a month
* Banks, energy, mining stocks gain after dovish Fed
* Indexes up: Dow 0.53%, S&P 0.53%, Nasdaq 0.32% (Updates to early afternoon)
By Sagarika Jaisinghani
July 29 (Reuters) - The S&P 500 and the Dow indexes scaled record highs on Thursday as a slate of strong corporate earnings reports and data showing a pickup in U.S. economic growth reinforced confidence in a post-pandemic recovery.
Ford Motor Co F.N jumped 4.0% to hit a more than three-week high as it lifted its profit forecast for the year, while KFC-owner Yum Brands Inc YUM.N rose 5.2% after beating expectations for quarterly sales.
Overall, of the 195 companies in the S&P 500 that have reported second-quarter earnings so far, nearly 91% have beaten estimates, according to Refinitiv, although investors have begun to book profits across equities after solid stock market gains this year.
"Even if earnings are strong, you can't look at the environment of the past year and say this is the fundamental trend of these businesses," said Mike O'Rourke, chief market strategist at JonesTrading.
"So for most investors, they have to decide: do you want to chase at these higher multiples or do you want to take a step back and let the business settle in? I would take a step back."
Still, economically sensitive S&P indexes including financials .SPSY , miners .SPLRCM and energy .SPNY jumped more than 1%, a day after the Federal Reserve said it was not yet time to start withdrawing its massive pandemic-era monetary stimulus.
The real-estate sector .SPLRCR - generally considered a defensive play - hit a record high as the Fed also said there was "very little support" for cutting the $40 billion in monthly purchases of mortgage-backed securities "earlier" than the $80 billion in Treasuries.
By 12:02 p.m. ET, the Dow Jones Industrial Average .DJI was up 0.53%, the S&P 500 .SPX was up 0.53% and the Nasdaq Composite .IXIC was up 0.32%.
Tesla Inc TSLA.O jumped 4.8%, tracking its best day in more than a month, and was the biggest boost to the S&P 500 .SPX .
Trading on Wall Street in the past few months has also been dictated by fears that a rise in cases of the Delta variant would hurt the U.S. economic rebound.
Data on Thursday showed gross domestic product increased at a 6.5% annualized rate in the second quarter. That was, however, slower than the 8.5% growth rate economists polled by Reuters had forecast.
"Fresh COVID-19 fears aren't all to blame, though — higher demand and limited supply factor in, along with labor shortages and the somewhat cooling housing market," said Mike Loewengart, managing director of investment strategy at E*TRADE Financial.
With rising inflation, and concerns that higher prices would not be as transient as expected, focus on Friday will be on the June reading of the personal consumption expenditures price index - the Fed's main inflation measure.
Facebook Inc FB.O fell 3.9% as it warned revenue growth would "decelerate significantly" following Apple's recent update to its iOS operating system that would impact the social media giant's ability to target ads.
Advancing issues outnumbered decliners 3.11-to-1 on the NYSE and 1.73-to-1 on the Nasdaq.
The S&P index recorded 71 new 52-week highs and one new low, while the Nasdaq recorded 88 new highs and 26 new lows.
U.S. reflation trade hurts Nasdaq, lifts Dow Link
U.S. stock market's rising valuation Link
Reporting by Sagarika Jaisinghani, Sruthi Shankar and Shashank
Nayar in Bengaluru; editing by Uttaresh.V, Aditya Soni and Maju
Mga Kaugnay na Asset
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.