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Last Trade - 14/05/21

Sector
Financials
Size
Large Cap
Market Cap £137.71bn
Enterprise Value £305.27bn
Revenue £51.56bn
Position in Universe 52nd / 6846

US STOCKS-S&P 500, Dow climb for third day and close at records

Fri 9th April, 2021 9:16pm
(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
    * Growth stocks set to outperform value for the second week
    * Honeywell gains as brokerages raise price targets
    * March PPI above expectations
    * Dow up 0.89%, S&P 500 up 0.77%, Nasdaq up 0.51%

 (New throughout, adds weekly gains, market breadth, volume)
    By Chuck Mikolajczak
    April 9 (Reuters) - The S&P 500 and the Dow rose on Friday
to close at record highs, posting a third straight weekly rise
partly on a lift from growth stocks, with a late-day rally
building gains ahead of quarterly earnings season next week.
    Growth names  .RLG  have found their footing over the past
two weeks after being outperformed by value stocks  .RLV  for
most of the year. A pullback in the 10-year U.S. Treasury yield
from a 14-month high hit in late March encouraged buying in
growth.  urn:newsml:reuters.com:*:nL1N2M003B
    Data showed U.S. producer prices increased more than
expected in March, bringing the largest annual gain in 9-1/2
years.  urn:newsml:reuters.com:*:nL1N2M213Q
    Many investors now expect higher inflation as vaccine
rollouts help the U.S. economy rebound from lockdowns, yet
stocks showed little concern as the Federal Reserve has
maintained it will allow inflation to overshoot its target.
 urn:newsml:reuters.com:*:nL1N2M211J
    "This is why all week long (Powell) was jawboning, he made
sure everyone understood they were expecting a spike and they
are ready for it, it wasn’t a surprise," said Ken Polcari,
managing partner at Kace Capital Advisors in Jupiter, Florida.  
    "Which is why the market is not backing off, because he
succeeded in jawboning the anxiety and stopped people from
getting really panicked about it."
    The Dow Jones Industrial Average  .DJI  rose 297.03 points,
or 0.89%, to 33,800.6, the S&P 500  .SPX  gained 31.63 points,
or 0.77%, to 4,128.8 and the Nasdaq Composite  .IXIC  added
70.88 points, or 0.51%, to 13,900.19.
    For the week, the S&P rose 2.71%, the Dow advanced 1.96% and
the Nasdaq climbed 3.12%. 
    The banks kick off first-quarter earnings season next week
with Goldman Sachs  GS.N , JPMorgan  JPM.N  and wells Fargo
 WFC.N  scheduled to report on Wednesday. Analysts expect
profits for S&P 500 firms to show a 25% jump from a year
earlier, according to Refinitiv IBES data. That would be the
strongest performance for the quarter since 2018. 
    Megacap names such as Apple  AAPL.O , Amazon  AMZN.O  and
Microsoft  MSFT.O , which are in the growth index, advanced to
pace the S&P 500. Amazon shares rose 2.21% as warehouse workers
in Alabama rejected an attempt to form a union.  urn:newsml:reuters.com:*:nL1N2M2133
    The Russell 1000 growth index, comprised largely of
technology stocks, outperformed its value counterpart  .RLV ,
made up mostly of cyclical stocks such as financials  .SPSY  and
energy  .SPNY  names, for a second week following the pullback
in longer-dated Treasury yields.  urn:newsml:reuters.com:*:nL1N2M21CH
    Bank of America's weekly fund flow figures showed investors
have pumped more money into equities over the past five months
than in the last 12 years.  urn:newsml:reuters.com:*:nL8N2M2223
    A 3.24% gain in Honeywell  HON.N  helped lift the Dow as
Jefferies and J.P. Morgan raised their price targets on the U.S.
aero parts maker's shares.
    Volume on U.S. exchanges was 8.69 billion shares, compared
with the 11.71 billion average for the full session over the
last 20 trading days.    

 (Reporting by Chuck Mikolajczak; Editing by David Gregorio)
 ((charles.mikolajczak@tr.com; @ChuckMik; Reuters Messaging:
charles.mikolajczak.thomsonreuters.com@reuters.net))
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