Tech stocks push S&P 500 to record close, buoy Nasdaq

Share on facebook
Share on twitter
Share on whatsapp
Share on facebook
Share on twitter
Share on whatsapp

(Reuters) – The S&P 500 closed at another record high on Tuesday and the Nasdaq composite the index jumped, as investors shook off concerns about the halt in Johnson & Johnson’s COVID-19 vaccine rollout and strong U.S. inflation.

The drugmaker’s shares hit a one-month low before recovering some losses to close down 1.3%, as calls for pausing the use of its COVID-19 vaccine after six women developed rare blood clots dealt a fresh setback to efforts to tackle the pandemic.

The news came as the U.S. data showed the consumer price index (CPI) in March rose by the most in more than 8-1/2 years, kicking off what the majority of economists expect will be a brief period of higher inflation.

U.S. futures initially dropped on the J&J news but pared losses after the CPI data. Solid demand for Tuesday’s U.S. Treasuries issue pushed down yields further, highlighting investors’ lack of concern about any imminent bump in interest rates.

Instead, in one of the year’s quietest sessions, high-flying technology names that flourished during coronavirus-induced lockdowns last year attracted renewed buying that boosted Apple Inc, Microsoft Corp, and Inc. The trio gained between 0.6% and 2.4%.

The wider technology the sector rose 1%, and the NYSE FANG+TM Index climbed 1.7% to a record 12th straight higher close.

The S&P 500 finished at record highs on Wednesday, Thursday, and Friday last week.

The Dow Jones Industrial Average fell 68.13 points, or 0.2%, to 33,677.27; the S&P 500 gained 13.6 points, or 0.33%, at 4,141.59; and the Nasdaq Composite added 146.10 points, or 1.05%, at 13,996.10.

The volatility index, reflecting the lack of market jitters, hit a fresh 14-month closing low of 16.65.

First-quarter earnings the season begins in earnest on Wednesday, with Goldman Sachs, JPMorgan, and Wells Fargo reporting.

Analysts expect earnings for S&P 500 companies to have jumped 25% from a year earlier, driven by strength in consumer discretionary and financial companies, according to Refinitiv IBES data.

Cryptocurrency and blockchain-related firms Riot Blockchain and Marathon Digital Holdings gained 15% and 1.9% respectively as bitcoin prices soared 5.6%, a day ahead of the listing of Coinbase, the largest U.S. cryptocurrency exchange.

The volume on the U.S. exchanges were 9.3 billion shares, versus the 11.4 billion average for the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 1.06-to-1 ratio; on Nasdaq, a 1.11-to-1 ratio favored decliners.

The S&P 500 posted 43 new 52-week highs and one new low; the Nasdaq Composite recorded 60 new highs and 81 new lows.

Send us your feedback, news items, community sports or events, real life stories, Dear McKoy, photos and/or videos to WhatsApp 1-876-353-1389 Or Email [email protected]

Great Ads Deal – Advertise With Us

The ultimate diary of confessions.: Volume 1 Book

Related Posts

Recent Posts

The ultimate diary of confessions.: Volume 1 Book