The S&P 500 Soared Today. Here's Why.

The SPDR S&P 500 ETF Trust SPY had an impressive day of trading Friday, the ETF seeing gains of 1.61% and closing at $395.98.

U.S. indices were trading higher Friday, led by strength in financials after the Fed said restrictions on buybacks could be lifted by the end of June. Investors also weigh inflation data, which alleviated some inflationary concerns.

The Invesco QQQ Trust Series 1 QQQ jumped over 1% in the final hour of trading to finish higher by 1.5% at $316. The SPDR Dow Jones Industrial Average ETF Trust DIA also had a strong close, finishing higher by 1.36% at $330.61.

Here are the day's winners and losers from the SPY, according to data from Benzinga Pro.

The leaders for SPY were from consumer staples and tech: Nike Inc NKE, Cisco Systems Inc CSCO and Intel Corporation INTC helped the way for the S&P 500.

Nike shares were trading higher after analysts at Baird upgraded their stock rating from Neutral to Outperform and announced a $150 price target.

Shares of Intel were trading higher, potentially amid continued concerns of a chip shortage, which has caused supply concerns and lifted price outlook. Guidance from Intel earlier in the week has also helped lift sector sentiment.

Meanwhile, Boeing Co BA, Goldman Sachs Group Inc GS and Walt Disney Co DIS were among the top losers in SPY Friday.

Elsewhere On The Street

• Tesla Inc TSLA CEO Elon Musk denied that there was any evidence of an “emerald mine,” which has been the subject of media reports for years. Musk replied to tweets that featured insinuations that the entrepreneur benefitted… Read More
• The global chip shortage is severely impairing automakers, as evidenced by an announcement from Chinese EV maker Nio NIO. As a result of this development, Nio lowered its vehicle deliveries forecast for the first quarter from... Read More 
• One company that has been a good investment in the last year has been electric vehicle giant Tesla and its controversial CEO have gained a cult following of investors and supporters in recent years. The biggest bullish catalyst for Tesla stock in 2020 was the stock’s addition to the S&P 500 index in December… Read More