NEW YORK, June 18 — Conviction in the strength of the economic recovery pushed investors into US technology stocks on Thursday, driving the Nasdaq higher, although a post-Fed hangover left a subdued S&P nursing a very minor loss.
Fed officials cited an improved economic outlook as the US economy recovers quickly from the pandemic, with overall growth expected to hit 7 per cent this year. While careful not to derail the recovery — with no end in sight for supportive policy measures such as bond-buying — the rate-rise signal highlighted concerns about inflation.
Investors returned to such positions on Thursday. Chipmaker Nvidia Corp jumped 4.8 per cent, posting its fourth consecutive record close, after Jefferies raised its price target on the stock. The Dow Jones Industrial Average fell 210.22 points, or 0.62 per cent, to 33,823.45, the S&P 500 lost 1.84 points, or 0.04 per cent, to 4,221.86 and the Nasdaq Composite added 121.67 points, or 0.87 per cent, to 14,161.35.The strengthening dollar, another by-product of the previous day’s Fed news, pushed US oil prices down from the multi-year high hit earlier in the week. The energy index, in turn, was off 3.5 per cent, the biggest laggard among the 11 main S&P sectors.
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