By Chuck Mikolajczak
New York (Reuters)-The US key average on Monday was well below the highest level of the day, including the Nasdaq record, due to optimism in the timing and size of fiscal stimulus at the beginning of the week to get reports from Mega. It was. -Cap company.
Investors focused on the US Senate seeking to pass the COVID-19 bailout bill before the impeachment trial of former President Donald Trump began in early February.
Officials in President Joe Biden’s administration are trying to avoid Republican concerns that his $ 1.9 trillion pandemic bailout proposal is too expensive.
“It’s the stimulus that really supports the market, that’s all,” said Josalusi, co-manager of Themis Trading in Chatham, NJ.
“The market loves money, whether financial or financial, and now you have both. So if you pull the rug out of the stimulus, that might be a problem, but they’re going to do so. There is no. “
Informally, it decreased by 33.77 points (0.11%) to 30,963.21, increased by 14.39 points (0.37%) to 3,855.86, and increased by 95.76 points (0.71%) to 13,638.82.
Nasdaq returned a significant portion of its profits after rising 1.4% to the daytime record, including the winner of the so-called “household ban.” Microsoft Corp (NASDAQ :), Facebook Inc (NASDAQ :) and Apple Inc (NASDAQ :) are on the rise following the bright results of Netflix Inc (NASDAQ :) last week.
Microsoft, which plans to report results on Tuesday, rose as Wedbush raised its share price target for software makers in hopes of further growth in its cloud business in 2021.
The S & P 500 sector, which houses large-cap growth stocks including technology, consumer discretion and telecommunications services, hit a record high early in the session.
Wall Street’s key indicators hit record highs last week with optimism about a more complete economic resumption and smooth vaccine distribution across the country. It suffers from more than 175,000 new COVID-19 cases daily, leaving millions unemployed.
Earlier on Monday, pharmaceutical company Merck & Co announced that it would stop developing two COVID-19 vaccines.
Gamestop’s share price closed in a highly volatile transaction in a session where investors rushed to cover short bets, with video game retailers rising to $ 159.18 and falling to $ 61.13.
On Monday, sectors such as finance, energy and materials, which had met expectations for economic recovery, fell, outperforming defense businesses, consumer staple foods and real estate.Weaknesses of financial names such as Goldman Sachs (NYSE :) American Express (NYSE :) Helped keep the price-weighted Dow in the negative territory.
Fluctuations in the stimulus dent the early benefits of Wall Street.Nasdaq breaks Reuters record
https://www.investing.com/news/stock-market-news/nasdaq-futures-jump-hopes-grow-for-stimulus-2397609 Fluctuations in the stimulus dent the early benefits of Wall Street.Nasdaq breaks Reuters record