US stocks build on record highs as tech shares gain and Fed policy stays supportive (INX, DJIA, COMPX, NDX, RUI, RUT, QQQ)

happy trader

Summary List Placement

Wall Street notched a new record high for stocks on Thursday, with tech shares leading the way after the Federal Reserve signaled its willingness to keep monetary policy directed toward supporting the recovery of the world’s largest economy from the COVID-19 crisis. 

The S&P 500 ended on its strongest level on record, adding to its highest close ever in the previous session. The benchmark’s information technology sector fronted the advance while blue-chip stocks tracked on the Dow Jones Industrial Average overcame earlier losses. 

Here’s where US indexes stood at 4 p.m. on Thursday:

S&P 500: 4,097.16, up 0.42%

Dow Jones Industrial Average: 33,502.40, up 0.17% (56.14 points)

Nasdaq Composite: 13,829.31, up 1.03%

Stocks gained after minutes from the Federal Reserve Open Market Committee’s mid-March meeting released Wednesday pointed to the board’s view that monetary policy should remain accommodative to growth prospects. 

“While the economy is showing signs of recovery and markets are pricing in a strong rebound in growth, members of the FOMC said it would likely be some time before they will need to start winding down their $120 billion in bond purchases, which is seen as an initial step on the path toward raising interest rates,” said David Wagner, portfolio manager at Aptus Capital Advisors, in comments emailed to Insider. 

Tech stocks recently have been under pressure as long-term Treasury yields stepped up to 14-months highs, but a pullback in implied borrowing costs helped tech shares rise Thursday. 

“In the last week, after a strong jobs and ISM services reports, yields trended lower. This means that people are starting to believe that the Fed will remain patient on its policy – taking their word on their consistent policy statements,” said Wagner.

  Here's where tech giants like Microsoft and Amazon stand in their race to revolutionize healthcare (MSFT, AMZN, APPLE, GOOGL)

Around the markets, Microsoft approached $2 trillion in market value as its stock hits a record high. 

GameStop shares …read more

Source:: Businessinsider

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *