Market wrapped higher as inflation worries got set aside; NASDAQ logging best session since August

Stocks climbed as risk assets and tech stocks bounced back from yesterday's decline which was fueled by a rotation away from growth and risk assets due to the lingering worries for inflation.
 
WAN CHAI, Hong Kong - Oct. 12, 2021 - PRLog -- Today, NASDAQ jumped by 1.3%, recording the best day since August, reversing steep losses of over 2%. Both the Dow and S&P 500 also ended higher.

NASDAQ was carried by large gains from tech heavy stocks like Facebook, which increased by 2.1% and had its best performance for the last 5 weeks. Facebook itself was one of the key reasons why the tech index dropped yesterday, mainly due to an outage from Facebook that lasted for a few hours that resulted to heavy scrutiny from users and the like.

Even equity markets are experiencing all sorts of issues, especially for the last quarter of the month as worries regarding policy landscapes and economic recovery lingers. Anxiety over the debates, being held in Washington that focuses on increasing the borrowing limit of the US government, are being more focused while lawmakers are not having the best time as they try to gain an agreement.

Traders are also eyeing the results of the Q3 earnings season that would officially start next week, as this would highlight the effects of pandemic-associated worries, increasing labor costs and struggle to keep the supply chains.

Tuesday changes are as follows:
  • The Dow Jones Industrial Average increased to 34,314.67 after gaining 311.75 points or 0.92%.
  • The S&P 500 Index moved higher by 45.27 points or 1.05% and closed at 4,345.73.
  • NASDAQ Composite Index jumped to 14,433.83 after stepping up by 1.25% or 178.35 points.
  • Crude up by $1.56 per barrel or 2.01% and now at $79.18 a barrel.
  • Gold down to $1,775.20 an ounce after gaining $07.20 a barrel or 0.65%.
  • The benchmark 10-year treasury yields increased by0 480 basis points to 1.5290%.
Worries about inflation are kept at bay as traders decided to focus on other things that is currently affecting the market trend. Analysts are saying that the September sell-off was an event that is badly needed by the continuously increasing stock market.

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