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S&P 500: S&P 500 rides Microsoft, Amazon to record close above 4,000 – Latest News

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The S&P 500 surged on Thursday to its first-ever close above the 4,000 mark, lifted by gains in Microsoft, Amazon and Alphabet, as well as optimism about a recovering U.S. economy.

Microsoft, Amazon, Alphabet and Nvidia jumped 2% or more, with those and other growth stocks showing signs of awakening after lagging in recent weeks behind so-called value stocks expected to outperform as the economy recovers from the coronavirus pandemic.

Google-parent Alphabet’s 3.3% rally left it at its highest close ever.

Data showed the number of Americans filing new claims for unemployment benefits rose unexpectedly last week. However, other data showed a measure of manufacturing activity soared to its strongest level in more than 37 years in March, with employment at factories the highest since February 2018.

The Dow Jones Industrial Average rose 0.52% to end at 33,153.21 points, while the S&P 500 gained 1.18% to 4,019.87.

The Nasdaq Composite climbed 1.76% to 13,480.11.

With its latest record, the S&P 500 was up about 7% in 2021, and it has gained 80% from its low in March 2020.

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