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Tech stocks outperformed giving the new week a fresh start
Monday session wraps with gains as tech stocks manage to recover some losses from last week's decline.
This week's first session ended with gains from all three major indexes, as they have been under stressful and volatile trading sessions for multiple weeks now. The investors that managed to digest all data released relevant to consumption and production have been under the impression of possible inflation, causing massive shift from growth stocks to value stocks.
These fears have lingered for week, and was only slightly curb now that the Federal Open Market Committee (FOMC) released an announcement that they will not be changing policies as what is happening in the market might as well be the transition needed to successfully move away from the pandemic settings.
On cryptocurrencies, Bitcoin (BTC-USD) managed to find some stable footing while gaining 13% after the fire selling that happened on the weekend. Bitcoin managed to drop down to $32,000 which is 50% of its $64,800 peak record from mid-April. Ethereum, which is the second largest cryptocurrency, also recovered some value, rising up by 20% to more than $2,400.
The Dow Jones Industrial Average edged higher after gaining almost 200 points or 0.60%. S&P 500 also went up by about 1% or almost 50 points while tech-heavy NASDAQ Composite Index jumped more than 1.40% or almost 200 points this session.
The 10 Year Treasury yield decreased by 2.4 basis points ending at 1.6080%.
Monday's market movement overview are as follows:
Redwood Capital Management Limited