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Tech stocks push S&P 500 to record close, buoy Nasdaq – Reuters

April 13 (Reuters) – The S&P 500 closed at another record high on Tuesday and the Nasdaq composite index leapt, as investors got rid of issues about the stop in Johnson & & Johnsons COVID-19 vaccine rollout and strong U.S. inflation.
The drugmakers shares hit a one-month low prior to recuperating some of its losses, as require pausing making use of its COVID-19 vaccine after six females developed unusual embolism dealt a fresh problem to efforts to take on the pandemic.
The news came as U.S. data showed the customer rate index (CPI) in March increased by the most in more than 8-1/2 years, kicking off what the majority of economists expect will be a brief period of greater inflation.
U.S. futures initially dropped on the J&J news, but pared losses after the CPI data. Strong need for Tuesday lunchtimes U.S. Treasuries problem pushed down yields even more, highlighting financiers lack of concern about any imminent bump in rates of interest.
Instead, high-flying innovation names that thrived during coronavirus-induced lockdowns in 2015 brought in renewed buying that enhanced Apple Inc, Microsoft Corp and Amazon.com Inc

(For a Reuters live blog site on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.).
* J&J shares struck one-month low.
* Tech firms boost indexes.
* Big bank earnings to kick off from Wednesday.
* Crypto-stocks leap ahead of Coinbase IPO (Updates to market close).

. The wider technology sector also rose, as did the NYSE FANG+TM Index for a record 12th straight session.
The S&P 500 closed at record highs on Wednesday, Thursday and Friday last week.
” The genuine curveball today is the J&J vaccine stop, although this too might be shrugged off as a minor obstacle. While this might trigger some short-term volatility, investors have actually been pretty steadfast in their faith in a full economic healing,” stated Mike Loewengart, handling director at financial investment method at E * TRADE Financial.
Unofficially, the Dow Jones Industrial Average fell 65.96 points, or 0.2%, to 33,679.44, the S&P 500 acquired 13.67 points, or 0.33%, to 4,141.66 and the Nasdaq Composite added 146.10 points, or 1.05%, to 13,996.10.
Highlighting financiers unfazed mindsets was the volatility index, which intraday dipped below the 14-month closing low hit on Friday.

” This year, 20 had actually shown to be a bit of a flooring, however what weve seen from the start of this month is the VIX broke down through that level and established its trading variety at mid-teens, which is notable for the wider risk environment as we get in profits season,” said Greg Boutle, U.S. head of equity and acquired method at BNP Paribas.
First-quarter earnings season starts in earnest on Wednesday, with the first reports gotten out of Goldman Sachs, JPMorgan and Wells Fargo.
Analysts anticipate profits for S&P 500 business to have actually leapt 25% from a year previously, driven by strength in customer discretionary and monetary business, according to Refinitiv IBES data.
Cryptocurrency and blockchain-related companies, such as Riot Blockchain and Marathon Digital Holdings, got as bitcoin prices soared, a day ahead of the listing of Coinbase, the largest U.S. cryptocurrency exchange. (Reporting by David French in New York and Medha Singh in Bengaluru; Editing by Sagarika Jaisinghani, Arun Koyyur, Maju Samuel and Richard Chang).

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