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S & P 500, Dow closes higher in turnaround later in session

New York: Wall Street reverses course late Tuesday, S & P 500 and Dow whip into positive territory with Closing Bell in a tug of war between stocks that thrived in the blockade and those that most benefit from the reopening economy It was.

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.

“People kept his words in mind. Chris Zaccarelli, Chief Investment Officer of the Independent Advisor Alliance in Charlotte, North Carolina, said:” Bystanders waiting for it to work. For those who have cash, maybe his interview this morning gave people a little confidence in returning to the drawing board and spending money on work this afternoon. “

The Dow Jones Industrial Average rose 15.66 points (0.05%) to 31,537.35, the S & P 500 rose 4.87 points (0.13%) to 3,881.37, and the Nasdaq Composite Index fell 67.85 points (0.5%) to 13,465.20.

Of the 11 major sectors of the S & P 500, seven were closed in the positive territory, but consumer discretionary and tech stocks suffered the highest loss rates.

Tesla Inc lost 2.2% and closed in the negative territory this year. It was lowered amid technology sold out and Bitcoin declining, losing 12.0%. Tesla recently invested $ 1.5 billion in cryptocurrencies.

Cryptocurrency miners Riot Blockchain Inc and Marathon Patent Group Inc plunged 24.6% and 23.0%, respectively, while Bitcoin Bank Silvergate Capital Corp fell 20.1%.

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. Its share was Dow’s biggest resistance, down 3.1%.

Smaller rival Lowe’s Companies Inc, which was expected to report the results early Wednesday, also lost its position.

The diminishing problems outweigh the ongoing problems on the New York Stock Exchange by a ratio of 1.59: 1. On the Nasdaq, a 2.58: 1 ratio favored the fallen.

The S & P 500 recorded 51 new 52-week highs and no new lows. The Nasdaq Composite recorded 171 new highs and 54 new lows.

Volume on the US exchange was 16.520 billion shares, compared to an average of 16.06 billion shares over the last 20 trading days.

Disclaimer: This post is auto-published from the agency feed without modification of the text and has not been reviewed by the editor.

S & P 500, Dow closes higher in turnaround later in session

Source link S & P 500, Dow closes higher in turnaround later in session

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