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 financiers shook off concerns about the stop in Johnson & & Johnsons COVID-19 vaccine rollout and strong U.S. inflation.
The drugmakers shares struck a one-month low before recovering a few of its losses, as require stopping briefly the use of its COVID-19 vaccine after six women established rare blood clots dealt a fresh problem to efforts to deal with the pandemic.
The news came as U.S. information revealed the consumer cost index (CPI) in March rose by the most in more than 8-1/2 years, kicking off what most of economic experts expect will be a short period of greater inflation.
U.S. futures at first dropped on the J&J news, however pared losses after the CPI information. Strong demand for Tuesday lunch breaks U.S. Treasuries issue lowered yields even more, highlighting financiers absence of concern about any imminent bump in rate of interest.
Rather, high-flying technology names that thrived during coronavirus-induced lockdowns in 2015 brought in renewed buying that enhanced Apple Inc, Microsoft Corp and Amazon.com Inc

. The broader technology sector also increased, 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 recently.
” The genuine curveball today is the J&J vaccine halt, although this too might be shaken off as a minor setback. While this may cause some short-term volatility, investors have actually been quite steadfast in their faith in a full financial recovery,” said Mike Loewengart, managing director at investment strategy 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 got 13.67 points, or 0.33%, to 4,141.66 and the Nasdaq Composite included 146.10 points, or 1.05%, to 13,996.10.
Highlighting investors unfazed attitudes was the volatility index, which intraday dipped beneath the 14-month closing low hit on Friday.

” This year, 20 had actually shown to be a little a flooring, however what weve seen from the start of this month is the VIX broke down through that level and developed its trading range at mid-teens, which is notable for the wider risk environment as we go into revenues season,” said Greg Boutle, U.S. head of equity and acquired strategy at BNP Paribas.
First-quarter profits season begins in earnest on Wednesday, with the very first reports gotten out of Goldman Sachs, JPMorgan and Wells Fargo.
Experts anticipate incomes for S&P 500 companies to have actually jumped 25% from a year previously, driven by strength in consumer financial and discretionary business, according to Refinitiv IBES information.
Cryptocurrency and blockchain-related firms, such as Riot Blockchain and Marathon Digital Holdings, acquired as bitcoin costs skyrocketed, a day ahead of the listing of Coinbase, the biggest 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).

(For a Reuters live blog 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 improve indexes.
* Big bank earnings to begin from Wednesday.
* Crypto-stocks leap ahead of Coinbase IPO (Updates to market close).

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