Wall Street ends higher as tech rally squashes virus fears, but S&P down for week | Malay Mail

Saturday, 26 Sep 2020 07:23 AM MYT

Investors started buying beaten-down shares after the Nasdaq confirmed a corrective phase earlier this month and the S&P 500 on an intra-day basis briefly broke that barrier this week. “It's dip buying,” Moya said. “When you look at the correction that we've seen in these tech giants, people are still going to want to hold US equities. The reality is that 2021 is going to be a much higher stock market and you're probably going to see tech still lead the way.”

Volatility has also shot up as investors look for clarity on whether Congress will approve more stimulus ahead of the November 3 presidential election, which now appears unlikely.“You've had this nice recovery through the summer, and coming into the fall the economy is just a little bit more vulnerable, particularly with a lot of the stimulus that we had starting to taper off now,” said Mike Dowdall, portfolio manager at BMO Global Asset Management in Chicago.

Cruise liners Royal Caribbean Cruises Ltd, Norwegian Cruise Line and Carnival Corp jumped 7.7 per cent or more after Barclays upgraded their shares to “overweight.” Novavax Inc jumped 10.9 per cent after the drugmaker launched a late-stage trial of its experimental Covid-19 vaccine in the UK.

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