Market opens strong; stocks wrap up higher to reverse losses from last week

Stocks traded higher with the opening session so strongly supported by the investors that are looking forward to the announcement from the Federal Reserve's Jackson Hole Symposium which will start in the latter part of the week.
WAN CHAI, Hong Kong - Sept. 27, 2021 - PRLog -- S&P 500 bounced back after wrapping last week with a loss for the first time in 3 weeks, it gained and set a new intraday high. The NASDAQ Composite, on the other hand, rocketed to set fresh intraday and closing high levels after getting boosted by 1.6%.

Market summary can be viewed as:
  • The Dow Jones Industrial Average up by 0.61% or 215.63 points and at 35,335.71.
  • S&P 500 Index increased by 0.85% or 37.86 points and currently at 4,479.53.
  • NASDAQ Composite Index dipped to 14,942.65 after gaining 227.99 points or 1.55%.
  • Yield on 10 Year Treasury dropped to 1.2550%.
  • Gold up by $21.90 or 1.23% and now at $1,805.90 an ounce.
  • Crude up by $3.29 or 5.29% and closed at $65.43 per barrel.

The positive sentiment and outlook manage to extend to other assets such as oil, with its downward trajectory, managed to bounce back and get some breathing room. US WTI crude oil futures landed at $64 per barrel, while world standard Brent crude also increased to slightly higher than $67 a barrel after a sapping week that set oil's longest lose streak ever since 2018.

The Dow followed the trend and jumped as shares of Chevron and Boeing rose. The pharmaceutical company Pfizer shares also saw huge gains after the company's announcement of its plan to acquire Trillium Therapeutics, a company that focuses on creating drugs to cure or deal with cancer, for $2.3 billion. In addition to this, Pfizer's COVID-19 vaccine was approved by the US FDA after being used for quite a while with emergency authorization, the vaccine is now fully authorized.

More Q2 earnings prints and economic data have also been presented, with profits from corporate world continuing a strong showing. About 90% of S&P 500 companies managed to exceed analyst estimates in terms of earnings per share. This result came in despite the continuous ravaging of the delta variant allowing concerns to flare up every now and then, especially with the labor, supply chain and material shortages.

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