U.S. manufacturing activity surprisingly surged to its highest level in more than 13-1/2 years in early January.
The Dow and S&P 500 ended modestly lower on Friday, dragged down by losses in blue-chip technology stalwarts Intel and IBM following their quarterly results, as hopes for a full economic reopening in the coming months waned. IBM Corp slumped 9.91% and was the top drag on the Dow Jones Industrial Average after it missed estimates for quarterly revenue, hurt by a rare sales decline in its software unit.
The stock market had another day of relatively quiet trading on Friday. Once again, the Nasdaq Composite (NASDAQINDEX: ^IXIC) stood out as the leader, pushing further into record territory. As of 3 p.m. EST, the Nasdaq was up about 0.2%, building on its huge gains in 2020 and so far in 2021.