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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 jumped, as financiers 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 before recuperating some of its losses, as require pausing using its COVID-19 vaccine after 6 females established rare blood embolisms dealt a fresh problem to efforts to tackle the pandemic.
The news came as U.S. information showed the customer cost index (CPI) in March rose by the most in more than 8-1/2 years, starting what the bulk of economic experts anticipate will be a quick duration of higher inflation.
U.S. futures at first dropped on the J&J news, but pared losses after the CPI information. Strong need for Tuesday lunchtimes U.S. Treasuries concern pressed down yields further, highlighting financiers lack of issue about any impending bump in interest rates.
Rather, high-flying technology names that thrived throughout coronavirus-induced lockdowns in 2015 attracted restored buying that increased Apple Inc, Microsoft Corp and Amazon.com Inc

. The larger innovation sector likewise 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 recently.
” The real curveball today is the J&J vaccine halt, although this too might be shrugged off as a minor problem. While this may cause some short-term volatility, financiers have actually been pretty unfaltering in their faith in a complete economic healing,” said Mike Loewengart, handling director at 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 gained 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 beneath the 14-month closing low hit on Friday.

” This year, 20 had shown to be a little 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 broader danger environment as we go into earnings season,” stated Greg Boutle, U.S. head of equity and derivative method at BNP Paribas.
First-quarter profits season starts in earnest on Wednesday, with the first reports gotten out of Goldman Sachs, JPMorgan and Wells Fargo.
Analysts anticipate earnings for S&P 500 companies to have jumped 25% from a year earlier, driven by strength in customer monetary and discretionary companies, according to Refinitiv IBES data.
Cryptocurrency and blockchain-related companies, such as Riot Blockchain and Marathon Digital Holdings, got as bitcoin prices 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 site on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.).
* J&J shares hit one-month low.
* Tech companies boost indexes.
* Big bank profits to kick off from Wednesday.
* Crypto-stocks jump ahead of Coinbase IPO (Updates to market close).

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