Nine of the 11 S&P sub-sectors rose yesterday. The energy and information technology indexes were the exceptions. The former, dipping 0.9 per cent, was weighed by lower oil prices, while the latter was marginally lower, the day after its highest-ever close.
The technology-heavy Nasdaq finished less than one per cent below its own all-time closing high achieved on February 12. “Until we see that significant inflation growth and the Fed starts to talk about raising interest rates, I think it’s going to be goldilocks conditions.” Shares of JPMorgan Chase & Co, Goldman Sachs Group , Bank of America Corp and Wells Fargo & Co rose between 0.7 per cent and 3.8 per cent. The S&P financials index climbed to a second consecutive record finish.
The Dow Jones Industrial Average rose 164.68 points, or 0.48 per cent, to 34,200.67; the S&P 500 gained 15.05 points, or 0.36 per cent, at 4,185.47; and the Nasdaq Composite added 13.58 points, or 0.1 per cent, at 14,052.34. Of the tech-related behemoths that helped led Wall Street’s recovery last year from the coronavirus-fuelled crash, Apple Inc slipped 0.3 per cent yesterday, but Amazon.com Inc, Tesla Inc and Microsoft Corp all gained between 0.1 per cent and 0.6 per cent.
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