lifted sentiment on Wall Street after the bell on Tuesday. Nike saw digital sales rise 82%, driving the stock up 6% after hours. Tesla's stock also rose in extended trading after Elon Musk said the electric car maker's deliveries areOn Tuesday, the major averages snapped multi-day losing streaks, all closing in the green. The Dow Jones Industrial Average climbed 140 points and the S&P 500 climbed 1.1%. The technology-heavy Nasdaq Composite was the relative outperformer, popping 1.
Shares of megacap technology stocks — which have suffered in September — all closed in positive territory on Tuesday. Stock gains were capped by concerns about an uptick in coronavirus cases in the U.K. paired with bleaker outlook for a second stimulus bill from the United States Congress. U.K. Prime Minister Boris Johnson announced Tuesday a tightening of economic restrictions and public health measures to slow the spread of Covid-19. Johnson said that the country was at a "perilous turning point."
With stimulus plans at a stalemate in Washington, Federal Reserve Chairman Jerome Powell on Tuesday reiterated to lawmakers that the U.S. economy could begin to decelerate in the months ahead without further fiscal stimulus from Congress. Powell told the House Financial Services Committee that many economic forecasts underlies fiscal action.
Source: News Formal (newsformal.com)
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