All three major indexes ended at records Friday, underscoring a powerful rebound in equities a day after one of the worst selloffs since mid June. The S&P 500 index closed 1.1% higher at about 4,370, the Nasdaq Composite [c: COMP] booked a roughly 1% advance at roughly 14,700, and the Dow Jones Industrial Average climbed 450 points, or 1.3%, at around 34,869, on a preliminary basis. All three indexes logged record closing highs a day after notching the worst daily drop since June 18. The declines had been at least partly inspired by worries about the economic recovery amid the spread of the delta variant of COVID-19 and as the 10-year and 30-year Treasurys hit their lowest yields since February. Treasury yields, which move inversely to prices, tipped up, however. The climb for stocks came as President Joe Biden issued an executive order (link) to limit corporate dominance and spur competition. In corporate news, shares of Stamps.com Inc. (STMP) surged nearly 63% after it announced an agreement to be acquired by software investment firm Thoma Bravo in a cash deal that values the web-based mailing and shipping services company at $6.6 billion.
-Mark Decambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
07-09-21 1605ETCopyright (c) 2021 Dow Jones & Company, Inc.