The S&P 500 and Nasdaq posted their biggest weekly percentage gains since early February after President Joe Biden signed into law on Thursday one of the largest US fiscal stimulus bills and data reinforced convictions the economy was headed to a high-growth recovery.
The recent rise in US Treasury yields has raised fears of a sudden tapering of monetary stimulus and put downward pressure on Wall Street in recent weeks. For tech stocks to continue to flourish you need low rates, and in effect slower growth, said Thomas Hayes, chairman and managing member of hedge fund Great Hill Capital LLC.
The speedy distribution of vaccines and more fiscal aid have spurred concerns of rising inflation despite assurances from the Federal Reserve to maintain an accommodative policy. All eyes will be on the central bank’s policy meeting next week for further cues on inflation. For the week, the S&P rose 2.6 per cent, the Dow added 4.1 per cent and the Nasdaq gained 3.1 per cent. For the Dow it was its biggest weekly gain since November.The Nasdaq has been particularly hit by the sell-off in recent weeks and confirmed a correction at the start of the week as investors swapped richly valued technology stocks with those of energy, mining and industrial companies that are poised to benefit more from an economic rebound.
Tech, communication services and consumer discretionary indexes, which house these mega-cap stocks, slipped the most among major S&P sectors.Ulta Beauty Inc fell 8.4 per cent after the cosmetics retailer forecast annual revenue below estimates, as demand for make-up products were under pressure due to extended work-from-home policies.
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