Wall Street rebounded Friday from a stock market sell-off the day before by closing at fresh record highs on the Dow, S&P 500 and the Nasdaq.
The mood improved as yields on the 10-year note bounced back above the psychologically important 1.3 percent level.
The Dow rallied 448 points. The S&P 500 jumped 48 points. The Nasdaq gained 142.
Craig Johnson is chief market technician at Piper Sandler.
"I think yesterday was a little bit of nervousness among investors as we were coming into the earnings season, and a lot of investors are concerned about what the growth outlook is going to be here in the second-half of 2021. There's concerns with interest rates coming down, specifically 10-year bond yields that perhaps the growth outlook is starting to taper. I'm not sure that that's the case. I think there is too much liquidity, too much support in this market from the Federal Reserve."
President Biden signed a sweeping executive order aimed at promoting more competition throughout various parts of the economy ranging from financial services to prescription drugs to airline fees to internet access. He also took aim at anti-competitive concerns involving big tech: namely Facebook, Amazon, Google's parent Alphabet and Apple. Tech stocks seemed to shrug off yet another regulatory threat with Apple hitting a record high.
Pfizer and partner BioNtech said they plan to ask regulators in the U.S. and the European Union to authorize a booster shot as the highly contagious Delta variant continues to spread. Regulators didn’t seem convinced that a booster shot is needed. Nevertheless, shares of BioNtech jumped 4-1/2 percent. Pfizer almost gained a full percent.
United Airlines is planning to add nearly 150 flights in the U.S., Central America and Caribbean as it expects a surge in winter travel. The optimism comes after United said it saw five times as many passengers during the July 4th holiday weekend this year compared to last year. Shares of United climbed nearly 3 percent.