AllMarket Update
logoArgusApril 23, 2021

Market Update: ACC, AXP, EFX, MAN, OMC, SON, UNP, SNAP, BKR

Sector(s)
Communication Services, Financial Services, Energy, Real Estate, Industrials, Consumer Cyclical
Summary

Stocks rose on Friday morning amid strong manufacturing and housing market data. The rally followed a Thursday afternoon selloff prompted by the Biden administration's plan for increased capital gains taxes on high earners with incomes above $1 million. IHS Markit said that its manufacturing purchasing managers' index rose to 60.6 in the first half of April, up from a final reading of 59.1 in March and slightly above the consensus forecast. On the housing front, the Commerce Department said that U.S. new home sales rose 20.7% to an annualized 1.021 million units in March, above the consensus of 886,000. The Dow rose 0.5%, the S&P 0.9%, and the Nasdaq 1.3%. Crude oil traded near $62 per barrel, while gold fell $6 to $1776 per ounce.

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