US stock markets broke a losing streak on Friday with all three benchmarks finishing more than 1% higher.
The Dow Jones led the gains, up 1.3%, followed by the S&P 500, up 1.1% and the Nasdaq, up 1%.
The result was a third-straight weekly gain that benefitted from a selloff in bond markets which sent cyclicals higher.
Over the week it was positive across the board, with the S&P 500 and Nasdaq up 0.4%, hitting new records, and the Dow 0.2%.
The rally comes ahead of a reporting season that begins on Monday that is expected to be among the strongest in history.
Financials were the biggest beneficiaries with the likes of JP Morgan (NYSE: JPM) jumping 3.2% on the hope that higher bond yields will help boost profit margins.
Featured video: Modern Monetary Theory (MMT) explained
United Airlines jumps
United Airlines (NASDAQ: UAL) added 3.1% after confirming the group would add a further 150 flights to warm-weather destinations in the US, sparking hopes of a return to normal.
The delta variant of COVID-19 continues to place pressure on the economic recovery with outbreaks across the world reiterating the need for continued support.
Levi Strauss sales booming
Levi Strauss (NYSE: LEVI) reported a 156% increase in quarterly sales, despite some 17% of its stores being closed.
Digital sales climbed 75% and have now reached 23% of their total. Levi stock finished 1.4% higher on the news.
US stock market movers
Here’s how other popular US stocks closed out the week on Friday.
- Snowflake (NYSE: SNOW) up 7.7%
- Snapchat (NYSE: SNAP) up 6.2%
- Airbnb (NASDAQ: ABNB) up 5.0%
- Biogen (NASDAQ: BIIB) down 3.0%
- Peloton (NASDAQ: PTON) down 5.0%
- Virgin Galactic (NYSE: SPCE) down 6.6%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow the strong US lead and push higher at the open on Monday. For all the latest, check out Rask Media’s ASX 200 morning report.
