Nasdaq hits new high as growth stocks advance; S&P 500 eases | Malay Mail

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NEW YORK, July 6 — The Nasdaq hit a record high today, as growth-focused sectors gained, while Beijing’s regulatory crackdown hammered shares of several US-listed Chinese firms. The benchmark S&P 500, however, eased into negative territory shortly after opening at an all-time high on gains...

NEW YORK, July 6 — The Nasdaq hit a record high today, as growth-focused sectors gained, while Beijing’s regulatory crackdown hammered shares of several US-listed Chinese firms.

Investors, meanwhile, waited for clues from the US Federal Reserve’s policy minutes on when quantitative easing might be tapered. It will be released tomorrow. “They’ve just been small new highs and it is basically a reflection that investors feel they have got nowhere else to go,” said Sam Stovall, chief investment strategist at CFRA.

Other US-listed Chinese e-commerce firms, including Alibaba Group, Baidu Inc and JD.com, fell between 2.4 per cent to 4.5 per cent, with the Chinese crackdown also weighing on the global markets. The second-quarter earnings season is set to begin next week with big banks, while investors also watched for progress on President Joe Biden’s infrastructure bill.

 

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