Stocks keeps momentum; new records refreshed by NASDAQ and S&P 500

Market was able to eke out gains and move forward to have all three major indexes on a 2-day win streak.
 
SHEUNG WAN, Hong Kong - Sept. 27, 2021 - PRLog -- The positivity from the economic reopening and strong earnings reports were able to at least mitigate the lingering concerns over possible changes to the current monetary policy, as well as the fear brought by the delta variant.

A brief list of the stock's movement can be summarized as below:
  • The Dow Jones Industrial Average rose to 35,366.26 after gaining 30.55 points or 0.09%.
  • The S&P 500 Index moved higher by 6.70 points or 0.15% and closed at 4,486.23.
  • NASDAQ Composite Index increased to 15,019.80 after jumping by 0.52% or 77.15 points.
  • U.S. 10 Year Treasury yield is flat at 1.2900%.
  • Crude is at $67.17 per barrel after losing 0.55% or $0.37.
  • Gold is currently at $1,796.40 an ounce after dropping 0.67% or $12.10.
The SP& 500 and NASDAQ both set fresh record levels, with NASDAQ riding the waves of big tech companies such as Amazon gaining through the positive economic news. Reopening stocks, such as cruise lines and airlines, also continued to rise with the optimism over travel and leisure recovery right after the full approval granted by the US Food and Drug Administration to the COVID-19 vaccines of BioNTech and Pfizer.

Investors eagerly look out for the Jackson Hole Symposium of the Federal Reserve, which will be starting on Thursday, as it will focus on discussions with the central bank's officials about the current economic conditions and to gain more insights from the Fed as to when the tapering process will be announced and eventually take effect.

Fresh economic print from the US service sector showed a miss on Wall Street consensus, with the index tracking activity dropping to the lowest for the last eight months, reflecting the delta variant's effect on demand.

Chinese tech company shares increased, managing to shake off the continuous losses over the past several weeks due to China's regulatory crackdown for their big tech firms. The moves came in due to the Ark Investment Management scooping up the shares of JD.com after the company exceeded their quarterly estimates. Other peers like Baidu and Alibaba also rose, bringing Hang Seng index up by 2.5%.

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