US Market closes higher

The US stock market finished session higher on Thursday, 01 April 2021, on optimism about a stimulus-fueled economic recovery after President Joe Biden $2.3 trillion infrastructure pitch. Positive sentiment was also generated in reaction to a report from the Institute for Supply Management showing the pace of growth in U.S. manufacturing activity accelerated by much more than anticipated in the month of March.

At the close of trade, the Dow Jones Industrial Average index advanced 171.66 points or 0.52% to 33,153 and the S&P 500 added 46.98 points or 1.18% to 4,020. The tech-heavy Nasdaq Composite Index added 233.23 points or to 1.76% 13,480.

 

Microsoft, Apple, Facebook and Google's parent company were among the winners, along with smaller companies, which stand to benefit from a quickly growing economy. Health care, household goods stocks and utilities were the only laggards

Technology stocks benefited from a pullback by treasury yields. The yield on the 10-year US Treasury note fell to 1.69% from 1.73% the day before. Microsoft rose 2.8%, Facebook gained 1.4%, Amazon.com added 2.2% and Google parent Alphabet closed 3.3 pe rcent higher.

Shares of Micron Technology (MU) surged up by 4.8 percent after the chipmaker reported better than expected fiscal second quarter results and provided upbeat guidance for the current quarter.

Taiwan Semiconductor (TSM) also showed a strong move to the upside after unveiling capacity expansion plans amid rising chip demand.

ECONOMIC NEWS: The ISM said its Manufacturing PMI jumped to 64.7 in March from 60.8 in February, with a reading above 50 indicating growth in manufacturing activity.

Meanwhile, the Labor Department released a report showing initial jobless claims rose to 719,000, an increase of 61,000 from the previous week's revised level of 658,000.

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