Closing the session on July 23, Dow Jones, Nasdaq and S&P 500 all rose. This is the first session Dow Jones closed above 35,000 points.
Dow Jones rose 238.2 points, or 0.68%, to 35,061.55 points, surpassing the historic peak of 34,996.18 points set on July 12.
The S&P 500 rose 44.31 points, or 1.01%, to 4,411.79 points, surpassing the historic peak of 4,384.63 set on July 12.
Nasdaq rose 152.39 points, or 1.04%, to 14,836.99 points, surpassing the historic peak of 14,733.24 set on July 12.
At the end of the week, the Dow Jones gained 1.1%, the S&P 500 gained 2% and the Nasdaq gained 2.8%.
Of the 11 major S&P 500 sectors, with only energy closing in the red, telecommunications services rose the most by 2.7%.
“We have seen a continuation in the past few days. It was a reversal. We see Wall Street drop first and then back to historic highs,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.
Growth stocks and value fluctuated during the week as investors weighed the impact of the Covid-19 Delta mutation with the second-quarter earnings season and signs of economic recovery.
“There’s push and pull, there’s clearly a contradiction in the market,” added Zaccarelli. “There is a clear difference of opinion as to whether the future is brighter or dark clouds lie ahead.”
Investors are now paying close attention to the Fed’s policy meeting next week and the second-quarter results of some large companies.
Second-quarter earnings season continues, with 120 S&P 500 companies reporting earnings, 88% of which beat expectations. Analysts estimate second-quarter profit growth of 78.1% year-over-year, up significantly from the 54% reported in early July.
Total trading volume in the US on July 23 was 9.72 billion shares, lower than the average of 10.14 billion shares in the previous 20 sessions.