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Banks easily clear U.S. stress tests, setting stage for payouts
High stock price valuations may be giving some investors pause, but it hasn’t stopped U.S. corporations from plowing even more cash into their shares.
Morgan Stanley and Wells Fargo Inc. are among the nation’s biggest lenders that signaled this week they’re stepping up repurchases and raising dividends after passing Federal Reserve stress tests with flying colors.
Banks are joining the party after buybacks rose sharply in the first three months of the year, capping several quarters of gains following a pandemic-related dip in 2020. The moves bode well for stocks since buybacks are a direct way to boost share prices and companies are flush with cash as the U.S. economy rebounds from a year of lockdowns.
The Conference Board’s monthly survey asks whether jobs are plentiful or hard to get, and in May the jobs-are-plentiful response came in at 46.8% versus 36.3% the month before.
All three major U.S. indexes hit record highs amid tech rally, stimulus signing
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The Dow Jones Industrial Average gained 188 points on Thursday as all three major indexes hit records behind a continued tech rally and optimism surrounding President Joe Biden signing the COVID-19 relief bill. Photo by John Angelillo/UPI | License Photo
March 11 (UPI) All three major U.S. indexes hit record highs Thursday as a rally in tech stocks continued and President Joe Biden signed the $1.9 trillion COVID-19 relief bill.
The Nasdaq led the way, gaining 2.52%, while the S&P 500 climbed 1.04% and the Dow Jones Industrial Average closed the day up 188.57 points, or 0.58%, extending gains from Wednesday.
President Joe Biden Signs $1.9T Stimulus Pushing S&P 500 to Record Highs, Jobless Claims Drop
Mar 12 2021 · 11:18 UTC | Updated
Mar 12 2021 · 11:22 by Bhushan Akolkar · 3 min read
Photo: President Biden / Twitter
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The weekly jobless claims as per the Labor Department report have dropped to a four-month low since November 2020. The tech and growth stocks continue to rally further with the stimulus boost.
A day after Dow Jones touched its all-time high on Wednesday, the US stock market continued to stay upbeat on Thursday. Yesterday, the S&P 500 (INDEXSP: .INX) touched a record high of 1% and ending the trading session at 3,939.34 levels. The Dow Jones Industrial Average (INDEXDJX: .DJI) also surged 188 points or 0.58% ending at 32,485 levels. Meanwhile, the number of jobless claims is decreasing.