Wall Street snapped back to life Wednesday, recovering from its worst stretch of losses in months, as the bloodletting for big technology stocks came to at least a temporary halt.
Tesla, which has made some of the wildest moves in recent months, rose 10.9%. A day earlier, it plunged 21.1% for its worst day since its shares began trading a decade ago. In August, it surged 74.1%.Selling over the last week in the market had focused on such tech superstars, which earlier zoomed through the pandemic amid expectations that they would benefit from the new stay-at-home economy.
Still to be determined is whether the sell-off was just a blowing-off of steam for tech stocks that had gotten overheated — or the beginning of a more widespread downturn.Other sectors didn’t get as expensive as technology during the recent run-up. Banks and other financial stocks in the S&P 500 are still down more than 19% for 2020, for example. But challenges continue to loom over the entire market, including uncertainty about how the pandemic will progress.
Investors are also waiting for Congress to deliver more aid to the economy after unemployment benefits and other stimulus that it approved earlier ran out. Investors say it’s critical that the economy get such stimulus, but partisan disagreements have Congress at an apparent impasse.A Senate vote this week on a trimmed-down relief package proposed by Republicans has only a slim chance of passage as Democrats insist on more sweeping aid.
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