News By Tag
News By Location
US Stock Market rallies with new sets of intraday record high
Stocks came out strong first week of 2021's second quarter. Positive news kept on coming in and greatly affected the market's direction which came out to be a lot better than last week's close.
Another good news is the apparent economic recovery from the effects of the pandemic. They're also looking forward to the commentary to be released by FOMC members about economic status.
Though NASDAQ Futures, S&P Futures and the Dow Futures all fell back between 0.03% to 0.25%, these changes are within expectations.
NASDAQ Composite Index led the market rally rising up by 225.49 basis points or 1.67% closing with 13,706. The tech giant managed to get past a critical hurdle, having its third day win close. They were able to bounce back from the previous slump and is expected to do better moving forwards. Google's parent Alphabet managed to defend against a court case for using Oracle programming code. After that, their stocks jumped on the afternoon rally.
The Dow Jones Industrial Average spiked up by 373.98 basis points or 1.13% to close with 33,527. This output sets another record high for the Dow after consecutive loses last week.
The S&P 500 made both intraday record and market close record high, increasing by 58.04 basis points or 1.44%, closing at 4,078 which broke past the 4,000 wall.
The 10 Year Treasury Note yields paused today and took a step down by 0.01% ending at 1.71%. It is still very close to the record high but the pause in price shows improvement of the economic standing of tech stocks.
On commodities, Gold got boosted up by 8.80 points and closed at 1,737.30. Silver went up by 0.02 points and ends with 25.03. Western Texas Intermediate crude gained 1.40% and ended 59.47 a barrel. Brent crude closed with 62.92 a barrel with 1.24% increase.
Here's a recap on the market's movement:
Eden Capital Management Limited