New York: Wall Street reversed losses late Tuesday, and the S & P 500 and Dow regained positive territory by ending a tug of war between the stocks that thrived in the blockade and the stocks that most benefited from the reopening economy.
Nasdaq was the only major US stock index that lost ground on that day.
Market-leading growth stocks that thrived in the pandemic blockade spent most of the day as investors preferred the stocks that rose the most as economic restrictions were lifted by continued vaccine deployments. Squeezed the stock.
Dennis Dick, Prietary Trading Company and Head of Market Structure at Bright Trading LLC, said: “People are buying dips that have been rewarded for months in a one-sided market.
“It’s hard to be a bear. It’s really hard. The only fear there is the fear of missing,” Dick said.
Federal Reserve Board Chair Jerome Powell opposes concerns that central bank financial support increases the risk of an inflationary spiral, saying that central bank easing monetary policy will be maintained “for some time.” Insisted.
Testifying in front of the Senate Banking Commission, Powell said the economic recovery was “uneven and far from perfect,” and investors were mostly on the expected rebound as the introduction of vaccines suppressed the pandemic. He added that it is supported.
David Carter, Chief Investment Officer of Lennox Wealth Advisors in New York, said: “Powell’s main purpose seems to be to support economic growth at the expense of rising inflation.
Informally, the Dow Jones Industrial Average rose 13.75 points (0.04%) to 31,535.44, the S & P 500 rose 4.85 points (0.13%) to 3,881.35, and the Nasdaq Composite Index rose 67.85 points (0.5%). ) It dropped to 13,465.20.
Tesla Inc dropped due to the fall of Bitcoin. Electric car makers have recently invested $ 1.5 billion in cryptocurrencies.
Cryptocurrency miners Riot Blockchain Inc and Marathon Patent Group Inc plunged, and Bitcoin Bank Silvergate Capital Corp also plunged.
Home Depot Inc, a home remodeling retailer, posted higher-than-expected quarterly profits. However, questions have been raised as to whether the surge in sales caused by home consumers working on their own projects in the COVID blockade will continue to be sustainable. Stock prices have fallen and were one of Dow’s heaviest drugs.
Smaller rival Lowe’s Companies Inc, which was expected to report the results early Wednesday, also lost its position.
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S & P 500 closes at high price on U-turn later in session
Source link S & P 500 closes at high price on U-turn later in session