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US STOCKS-Wall Street closes sharply higher, but posts weekly loss

Fri 14th May, 2021 9:00pm
(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
 (Updates to market close)
    By Stephen Culp
    NEW YORK, May 14 (Reuters) - Wall Street ended higher at the
close of a broad rally, an upbeat conclusion to whipsaw week of
buying and selling as signs of a rebounding economy did battle
with mounting inflation jitters.
    All three major U.S. indexes built on Thursday's gains,
which saw S&P 500 notch its biggest one-day percentage bump in
over a month.
    "Today 'everything is going up day' because everyone is
buying," said Chuck Carlson, senior vice president at
Wealthspire Advisors, in New York. "It's a 'buy everything'
day."
    Still, the indexes suffered their biggest weekly declines
since late February.
    "This week, given the big swings, is more evident of a
trader's environment than a long-term investor's environment,"
Carlson added. "It's a market looking for its next sustained
impulse to the upside."
    Those big swings were stoked by economic data, which fanned
concerns that near-term price spikes could translate into
long-term inflation, despite assurances to the contrary from the
U.S. Federal Reserve.
    "Inflation continues to be the biggest concern," Carlson
added. "And when interest rates didn't go to new highs the bulls
take over and investors are willing to step in and buy some of
the stocks that had been beaten up this week."
    Economic data showed retail sales growth stalling and
consumer sentiment dipping as prices remain on an upward
trajectory, suggesting that while the demand boom might be
taking a breather, inflation has not.  urn:newsml:reuters.com:*:nL1N2N02C7
    But in an indication that economic activity could return to
normal, revised guidance from the U.S. Centers for Disease
Control and Prevention said fully vaccinated people no longer
need to wear masks outdoors and can avoid wearing them indoors
in most places.  urn:newsml:reuters.com:*:nL1N2N0243
    For an interactive graphic on worldwide vaccination
progress, click here https://graphics.reuters.com/world-coronavirus-tracker-and-maps/vaccination-rollout-and-access.
 
    Unofficially, the Dow Jones Industrial Average  .DJI  rose
359.3 points, or 1.06%, to 34,380.75, the S&P 500  .SPX  gained
61.24 points, or 1.49%, to 4,173.74 and the Nasdaq Composite
 .IXIC  added 304.99 points, or 2.32%, to 13,429.98.
    All 11 major S&P sectors ended the session green, with
energy  .SPNY , boosted by rebounding crudes prices  CLc1 ,
enjoying the largest percentage gain.  O/R 
    Chips gave a lift to the technology sector   .SPLRCT ,
extending gains in the wake of a Reuters report that lawmakers
in Washington are close to unveiling a $52 billion dollar
proposal to aid U.S. microchip production.  urn:newsml:reuters.com:*:nL1N2N118C   
    First-quarter earnings season is nearing its final curtain,
with 457 constituents of the S&P 500 having posted results. Of
those, 87% have beaten consensus estimates, according to
Refinitiv IBES.
    Major retailers Walmart  WMT.N , Home Depot  HD.N , Target
 TGT.N , Lowe's  LOW.N  and others are on the docket next week.
    Analysts now see annual S&P earnings growth of 50.6%, in
aggregate, for the Jan-March period, more than triple the rate
forecast at the beginning of the quarter, per Refinitiv.
    Walt Disney Co  DIS.N  shares dropped after the subscriber
additions to its streaming service fell short of expectations.
 urn:newsml:reuters.com:*:nL4N2N047R
    Airbnb Inc  ABNB.O  reported a 52% jump in bookings as
vaccinations spark rising vacation rental demand, driving its
stock higher.  urn:newsml:reuters.com:*:nL4N2N04SG

 (Reporting by Stephen Culp; Editing by Aurora Ellis
Additional reporting by Medha Singh and Sruthi Shankar in
Bengaluru; Editing by Aurora Ellis)
 ((stephen.culp@thomsonreuters.com; 646-223-6076;))
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