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US Stock Market rose a bit after equities recoup losses from yesterday's sell-off
Stock market was on fire today as investors reconsidered the effects of the COVID-19 variant on the economy, allowing Wall Street to rally and recover some losses from yesterday.
Today, more information was processed regarding the variant COVID-19 and was indicated that the Delta variant, although it is more communicable, has not caused deaths or hospitalization as much as the worst days of COVID-19 pandemic. Analysts even say that the pessimism was an overreaction that was fueled further by the market movement. Hence, traders went bargain hunting, allowing a strong turnaround for the stocks to claw back up and recover.
Although the market recovered, it is still visible that the ongoing breakout of the variant COVID-19 is still difficult to control, even with the vaccination. The fear of investors lies in the possibility of infection rates rising and resulting to another round of quarantine and new restrictions.
Tuesday's reversal can be summarized with:
Another batch of earnings are expected to be released this week, which includes bigshots like Netflix and Johnson & Johnson, which both are expected to show higher-than-
Crypto Currency on the other side is having a rough fight as volumes in trading market are falling down. Bitcoin is holding almost below 30,000 per US dollar, which is expected by most Technical Analyst.
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Millennium Capital Management (Hong Kong) Limited