April 23 Reuters The SP 500 and the Nasdaq indexes edged higher on Friday after a rise in factory activity in April supported bets of swifter economic recovery, while a fall in shares of American Express and Honeywell kept the bluechip Dow under check.
Data firm IHS Markit said its flash U.S. manufacturing PMI increased to 60.6 in the first half of this month, the highest reading since the series started in May 2007.
Eight out of the 11 major SP 500 sectors traded higher in the first half hour of trading, with technology and energy leading gains. Defensive utilities and consumer staples were among top decliners.
Earnings on the day were lackluster, with American Express Co sliding 3.4 after reporting a slump in credit spending and lower quarterly revenue.
Honeywell International fell 2.7 after it missed revenue estimates for its aerospace division, its biggest business segment.
Wall Streets main indexes sank nearly 1 on Thursday following reports of U.S. President Joe Bidens plans to raise taxes on the wealthiest Americans, including the largestever increase in levies on investment gains.
Yesterday was a kneejerk reaction to the proposal. Right now, theres nothing definitive on the part of administration, said Robert Pavlik, senior portfolio manager at Dakota Wealth.
The focus is still on whether or not this market is in the early stage of correction.
The benchmark SP 500 and the Dow Jones Industrial Average are on course for weekly declines after four straight…