Business & Investment

Wall Street was set to mute open after a record rally on Reuters hopes for recovery

© Reuters.File Photo: The US flag can be seen on the New York Stock Exchange in Manhattan, New York City.

By Medha Singh and Shivani Kumaresan

(Reuters)-Wall Street’s key index was set to mute open on Tuesday. Investors then paused and the Dow closed at a record high in hopes of a new recovery.

The S & P 500 has risen three times in a row, with the volatility index receding to pre-pandemic lows due to numerous fiscal stimulus measures and rapid vaccinations in the United States.

“The optimistic reason is that COVID’s winter is nearing its end and the vaccine sees light at the end of the tunnel. The economy seems to have spring,” said Darren Schuringa, CEO of ASYMmetric. I am. New York ETF.

“There is widespread power, which is positive. As the economy continues to expand, this trend of economically sensitive sectors outpacing wider markets will continue.”

High-tech and other growth stocks have awakened a few weeks later, as so-called value stocks are expected to outperform as the economy breaks out of the coronavirus pandemic.

Technology-intensive Nasdaq fell 12% from that level to about 3% from its February record.

According to analysts, the development of President Joe Biden’s new infrastructure proposal and the start of the earnings season in the coming weeks could set the course for the stock market.

Later that day, investors will read February’s US job listings. The data follows the March Explosive Employment and Services Sector report.

Oil company Exxon mobile (NYSE :), Marathon oil (NYSE :), Occidental Petroleum (NYSE :) and Devon energy (NYSE :) Due to the rise in crude oil prices, it rose between 0.44% and 1.34% before the market. [O/R]

At 8:31 EST, the Dow E-mini fell 42 points (0.13%), the S & P 500 E-mini fell 4.5 points (0.11%), and the E-mini rose 2.75 points (0.02%). ..

Snap Inc (NYSE :) Up 2.8% after Atlantic Equities upgraded the share rating of photo messaging app owners from “neutral” to “overweight”.

Norwegian Cruise Line (NYSE :) Holdings Ltd announced a 2.6% increase as it began voyages outside the United States from the Caribbean and Greek islands in July and will resume travel after a one-year pandemic suspension. Did.

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Wall Street was set to mute open after a record rally on Reuters hopes for recovery

https://www.investing.com/news/economy/futures-ease-after-record-rally-on-brightening-economic-outlook-2466691 Wall Street was set to mute open after a record rally on Reuters hopes for recovery

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