Stocks fall on Friday, but S&P 500 gains 5% in April
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Key averages fell on Friday as investors took profits amid a flurry of earnings results and a robust bottom-line from e-commerce giant Amazon.
The S&P 500 fell 0.7% to 4,181.17 while the Dow Jones Industrial Average lost 185.51 points to close at 33,874.85. The Nasdaq Composite fell 0.9% to 13,962.68.
Despite Friday’s stock weakness, the S&P 500 made its third straight month of earnings in April, adding more than 5% to the index as investors looked to a strong post-pandemic economic rebound and earnings. The S&P 500 rose 11% over the course of the year. The benchmark closed on Thursday at a record level On the heels of Apple and Facebook’s blowout results.
The Dow rose 2.7% this month while the Nasdaq Composite rose 5.4% in April.
AmazonWall Street’s last mega-cap tech company to release results posted record earnings in the first quarter. The Seattle-based company said Profits more than tripled to $ 8.1 billion January-March sales increased 44% to $ 108 billion. The results exceeded Wall Street’s expectations when the company was earning $ 15.79 per share versus consensus estimate of $ 9.54.
Amazon’s results showed that demand for its massive online retail business remained strong, even though the economy gradually opened up. Still, Amazon stocks, which had risen 40% in 12 months, closed in the red on Friday.
Twitterin the meantime continued to fall User growth results and revenue forecast for the second quarter that fell short of the analysts’ forecasts. According to the social media platform, monetizable daily active users for the three months ended March 31 were 199 million and reported earnings per share of 16 cents. Twitter fell 15.2% on Friday.
Apple then came under slight pressure The European Union said the company’s app store violated his competition rules. The shares fell 1.5%.
Stronger economic data was released on Friday, continuing a trend that rose stocks throughout the month. Spending in March rose better than expected by 4.2%, while personal incomes rose a massive 21.1% due to stronger fiscal stimuli.
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