Morning Report: US sharemarkets climbed to all-time highs on Friday

By Tom Piotrowski | More Articles by Tom Piotrowski

US sharemarkets rose after the release of strong company earnings and economic data. Morgan Stanley posted stronger-than-expected earnings, but the bank’s shares fell 2.8% as it also disclosed an almost US$1 billion loss from the collapse of private fund Archegos. Shares of PNC Financial gained 2.3% after the bank beat estimates for its first-quarter report. The Dow Jones index rose by 165 points or 0.5% and the S&P 500 index gained 0.4% -both closing at record highs. The Nasdaq index added 14 points or 0.1%. For the week, the S&P 500 index rose 1.4%, the Dow Jones index added 1.2% and the Nasdaq index gained 1.1%.