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Market wraps higher after trading session; NASDAQ and S&P squeezing out fresh records
Tuesday session closed with all market index staying afloat using the strong economic data presented today.
Previously, leadership had been going back and forth between NASDAQ (tech) and Dow (cyclical). With the tech's most recent run, NASDAQ was able to set 4 record closing which happens to coincide with the Treasury yields staying below 1.5% for the 10-year benchmark.
Stocks were empowered after the release of June consumer confidence index by the Conference Board on Tuesday morning, which gave investors a push to further make movements in the market. The new data reflects that concerns over inflation have receded while spending plans have grown. This data has exceeded expectations of analysts and was recorded as highest for the last five months.
Mixed expectations are now going around the market as different analysts provide their opinion about the current market direction. Some says that while the recovery continues, another rotation is bound to happen from growth to value, while other think that cyclical stocks are bound to bounce back. Other have a firm belief that the current tech run is going to continue as the market situation is greatly in favor for tech stocks, especially the yield stabilizing on lower levels.
With the upcoming quarterly earnings report in a few weeks, traders expect greater growth from companies as well as a bigger movement in economic recovery.
Tuesday's market session is summarized as:
NASDAQ, on the other hand, was carried by the tech run and managed to set new intraday and closing records.
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