Tuesday’s session witnessed strong gains in the stock indices in New York. Technology stocks, in particular, rose, sending the Nasdaq up 3 percent.
We are behind another session with increased volatility. This time it was after the ideas of the stock market bulls who managed it Keep thinking on Monday. The Dow Jones index jumped 1.40% to 35,719.43 points. The S&P500 rose 2.07% to 4,686.75 points at the close. But the Nasdaq Composite Index was the most performing, as it rose 3.03% to record 15,686.92 points.
It was a continuation of the bounce after Friday’s discount, which (traditionally) due to concerns about another type of Chinese coronavirus. Thursday session New York indexes closed in positive territory. All this stock market procrastination started last Friday, when that The main indicators lost more than 2%. to respond to Media panic due to a new type of Corona virus. currently A strong recovery came on Monday. despite this On Tuesday, the market returned to its lowest level After the Federal Reserve Chairman stopped calling inflation “transitional” and suggested ending the bond-buying program (colloquially known as “money printing”) soon.
Technology companies were the strongest point in the market on Tuesday. The Philadelphia SE Index of Semiconductor IC Manufacturers rose nearly 5%, setting a new all-time record. Only since the beginning of the year, this stock index has grown by 42.7%, four times its value over the past five years.
Meanwhile, the threat to cut off Wall Street from the Fed’s easy money continues to loom large. In just one week, the Fed administration may decide to tighten the monetary tap further, accelerating the “finishing” of the bond-purchasing (QE) program, which will expire by mid-2022. Then also the first time the federal funds rate will be raised, which will reach 0.75-1.00% next year.
Reuters quoted Kim Forrest, CEO of Bouquet Capital Partners, as saying that the markets understand that the zero-interest environment will not last forever and that the Federal Reserve intends to adjust interest rates without making any dramatic upward moves.
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