They Bought the Dip: Markets Surge to Records

Dow, S&P, and Nasdaq all close at all-time highs
By Newser Editors,  Newser Staff
Posted Jul 9, 2021 3:10 PM CDT
They Bought the Dip: Markets Surge to Records
In this photo provided by the New York Stock Exchange from June, Gregory Rowe, center, talks with a fellow trader on the NYSE trading floor.   (Courtney Crow/New York Stock Exchange via AP)

Remember Thursday's rough day on Wall Street? It's already ancient history, as investors erased those losses and then some on Friday. The Dow climbed 448 points, or 1.3%, to 34,870; the S&P rose 48 points, or 1.1%, to 4,369; and the Nasdaq rose 142 points, or just under 1%, to 14,701. All three of those are record closes, reports CNBC. The Wall Street Journal has an explanation for the strong day: "Many investors rushed to buy the stock-market dip after Thursday’s declines, continuing a trend that has become a feature of the stock market’s rally over the past year."

Many stocks that led the declines on Thursday also led the rebound on Friday. They include Royal Caribbean, Wynn Resorts, American Airlines, and United Airlines—businesses poised to take advantage of an economic recovery. The AP notes that investors' attention will turn next week to quarterly earnings reports. (More stock market stories.)

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