Tuesday, August 3, 2021
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US stocks offset yesterday’s early sale, S & P 500 hit record high – News

Stocks surged during Friday’s trading day, extending the rebound from the early sellout seen in the previous session. With the upward movement, the S & P 500 hit a new daytime high.

The main average is currently hovering near the highest level of the day. The Dow was up 440.33 points or 1.3 percent at 34,862.26, the Nasdaq was up 116.36 points or 0.8 percent at 14,676.14, and the S & P 500 was up 42.66 points or 1 percent at 4,363.48.

Wall Street’s strengths come from traders quickly shrugging global concerns Economy It weighed heavily on the market with early Thursday trading.

Combined with a recovery attempt that seemed to have advanced yesterday’s trading, the key averages well offset the initial pullback.

The Nasdaq and Dow are below daytime highs, but now all three major averages are ready to end the session at the closing price of a new record.

Despite concerns about the spread of delta variants in CoronavirusTraders seem optimistic that the US economy will continue to outperform.

Treasury yield rebounds have also generated buying interest, with benchmark 10-year bond yields bouncing at their lowest closing prices since February.

Yields have plummeted in recent sessions, with signs that the Federal Reserve Board hasn’t rushed to start shrinking its asset purchase program.

Sector news

Steel stocks remained at a significant level in intraday trading, with the NYSE Arca Steel Index up 4.2% on the day.

The recovery in financial yields continues to contribute significantly to the strength of bank stocks, with the KBW Bank Index rising 3%.

Oil services stocks also surged during the session, resulting in a 2.9% surge in the Philadelphia Oil Services Index. The index has bounced off its lowest closing price in over a month.

Oil service stocks rebounded as oil prices soared, with crude oil delivered in August jumping from $ 1.61 to $ 74.55.

Inventories in transportation, chemicals and gold are also showing considerable strength and are rising along with most other major sectors.

Other markets

In foreign trade, most stocks market Further declines were seen across the Asia Pacific region during Friday trading. Japan’s Nikkei Stock Average fell 0.6%, while South Korea’s Kospi fell 1.1%.

Meanwhile, major European markets have shown strong moves back up. France’s CAC 40 index soared 2.1%, Germany’s DAX index soared 1.7%, and the UK’s FTSE 100 index soared 1.3%.

In the bond market, government bonds have receded after soaring government bonds in the last few sessions. After that, the yield on the benchmark 10-year bond, which moves against the price, rises by 6 basis points at 1.348%.

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