Tuesday, March 2, 2021

U.S. Indices: Another Record Close Amid Recovering Economy

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The S&P 500 and the Nasdaq finished at record highs on Wall Street on Thursday, backed by higher-than-expected U.S. weekly unemployment data, and while corporate results were mostly better than predicted. In the United States, the Covid crisis begins to recede, while the recovery plan from Joe Biden looms. On Thursday, Treasury Secretary Janet Yellen met with stock market officials about last week’s speculative fever. Oil continued to grow, while gold fell below $1,800 an ounce, a victim of economic growth hope.

The Dow Jones index rose 1.08 percent to 31,055 points at the close, not far from its record high of 31,188 points on January 25, while the large S&P 500 index advanced 1.09 percent to a new record of 3,871 points. On Wednesday, the tech and biotech Nasdaq Composite, which took a break for a while, climbed 1.23% to 13,777 points, also a new all-time high.

eBay (up 5.3 percent) and PayPal (up 7.3 percent) soared after better-than-expected forecasts among the highest-sighted stocks, while chipmaker Qualcomm (-8.8 percent) fell, as some investors were surprised by the group’s outlook. After their speculative lows last week, GameStop (-42 percent) and AMC Entertainment (-21 percent) started to deflate. With no fewer than 42 members of the S&P 500 attending, Thursday was the busiest day for business results on Wall Street.

In the S&P 500, nine of the 11 sector indices are in the green, beginning with finance (up 2.3%), industrials (up 1.1%) and technology (up 1.5%), cyclical industries that benefit from the hopes of accelerating economic growth in the coming months via vaccination.

In comparison, the number of Covid hospitalizations dropped for the 23rd consecutive day in the United States on Thursday, and the number of regular deaths was halved, while experts fear resurgence in the outbreak due to the introduction in the United States of new variants

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