By Jack Denton
On the U.S. economic front , advance estimates of gross domestic product in the first quarter of 2021 shows the U.S. economy grew 6.4%. Meanwhile, 553,000 Americans filed for unemployment last week, less than the 566,000 in the week prior but more than the 528,000 expected. There were 3.66 million continuing jobless claims in the week of April 17.
In case you missed it, Federal Reserve Chair Jerome Powell said the central bank will stick to its strategy of boosting the economy with ultralow interest rates until the economy strengthens even further and COVID-19 cases fall sharply.
Canadian chip maker Alphawave confirmed plans to raise $500 million next month through an initial public offering in London with a targeted valuation of $4.5 billion. The group builds chips that facilitate high-speed and high-volume data connectivity , and is an unusual example of a North American company crossing the Atlantic to float.
Automobile giant Ford /zigman2/quotes/208911460/composite F +2.41% rounded out a busy day of earnings on Wednesday — jockeying for attention against device maker Apple /zigman2/quotes/202934861/composite AAPL +3.08% , social-media platform Facebook , and music streamer Spotify /zigman2/quotes/207488629/composite SPOT +3.13% — by reporting one of its best quarters on record . But the stock fell in extended trading, as Ford warned the global chip shortage could bring a $2.5 billion hit to its bottom line this year.
U.S. stocks were pushing ahead /zigman2/quotes/210598065/realtime DJIA +2.66% /zigman2/quotes/210599714/realtime SPX +2.59% , with the exception of the tech-heavy Nasdaq /zigman2/quotes/210598365/realtime COMP +2.27% , amid strong corporate earnings and an upbeat mood on the economy.
European equities finished the day strong /zigman2/quotes/210598409/delayed UK:UKX +0.22% /zigman2/quotes/210597958/delayed FR:PX1 +0.55% /zigman2/quotes/210597999/delayed DX:DAX +0.79% as investors reacted to strong earnings from Nokia, Unilever /zigman2/quotes/205449809/delayed UK:ULVR -2.33% and Royal Dutch Shell , among others, while Asian stocks /zigman2/quotes/210597971/delayed JP:NIK +2.83% /zigman2/quotes/210598030/delayed HK:HSI -0.83% /zigman2/quotes/210598127/delayed CN:SHCOMP -0.55% ended the day in the green.
Buyer’s remorse for the ages: Teen accidentally moves into retirement village after signing lease after only viewing property online
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