Monday, January 25, 2021
Home Business Wall Street rises on hopes of vaccine-fueled recovery By Reuters

Wall Street rises on hopes of vaccine-fueled recovery By Reuters


© #Reuters. A #Christmas tree is pictured outside the #New #York #Stock #Exchange

#By #Devik #Jain and #Supriya R.

(#Reuters) -U.S. stocks rose on #Wednesday, led by energy shares, as investors bet on a strong economic recovery in 2021 on the back of COVID-19 vaccine rollouts and hopes of bigger fiscal support.

- Advertisement -

The last few weeks of the year have seen a shift towards undervalued stocks that are primed to benefit from an economic rebound next year, with sectors such as banking, energy and materials outpacing their peers.

#Heavyweight technology shares, the most sought-after this year, were sold off in the rush towards cyclicals.

#Still, near-term expectations of bigger stimulus checks dimmed after #Senate #Majority #Leader #Mitch #McConnell blocked a quick vote to back #President #Donald #Trump’s call to increase COVID-19 relief checks.

“#We’re having a little bit of hangover after #Monday’s approval of the stimulus package,” said #Kim #Forrest, chief investment officer at #Bokeh #Capital #Partners in #Pittsburgh.

“#It’s muted somewhat because the $2,000 additional package seems to be still out there but was killed for the moment by the #Senate.”

#Trading volumes were subdued and are expected to be low in the final two days of the year, which has been a roller-coaster ride for the equities.

The is on the cusp of a nearly 16% annual gain, after trillions of dollar in stimulus and progress in developing vaccines helped the benchmark index bounce back more than 70% from its late-March trough.

- Advertisement -

The tech-heavy #Nasdaq, which was the first among #Wall #Street’s main indexes to turn positive for the year, is also set for its best yearly performance since 2009, with majority of gains led by FAANG stocks – #Apple #Inc (NASDAQ:), #Facebook #Inc (NASDAQ:), #Amazon.com #Inc (NASDAQ:), #Netflix #Inc (NASDAQ:) and #Alphabet (NASDAQ:) #Inc.

#At 12:21 p.m. ET, the was up 164.52 points, or 0.54%, at 30,500.19, the S&P 500 was up 11.99 points, or 0.32%, at 3,739.03, and the was up 41.11 points, or 0.32%, at 12,891.34.

#Ten of the 11 major S&P 500 sub-sectors rose, with energy, materials and industrial gaining the most.

#Boosting risk appetite globally, #Britain approved the emergency use of #AstraZeneca (NASDAQ:) and #Oxford #University’s COVID-19 vaccine, which will start being administered on #Monday.

#Meanwhile, the first known U.S. case of a highly infectious coronavirus variant discovered in #Britain was detected in #Colorado.

#Shares of payments network processor #Mastercard #Inc (NYSE:) rose 2.5% after #Stephens hiked its price target on the stock on hopes of improving cross-border sentiment.

- Advertisement -

U.S. travel-related stocks rose as stimulus aid and starting of mass inoculations sparked hopes of a recovery for the industry that has been among the hardest hit in pandemic-fueled restrictions.

The S&P 1500 airlines index added 1.1%, while cruise operators #Norwegian #Cruise #Line (NYSE:) #Holdings #Ltd, #Carnival (NYSE:) #Corp and #Royal #Caribbean (NYSE:) #Cruises #Ltd were up between 1.5% and 2.3%.

#Advancing issues outnumbered decliners by a 2.95-to-1 ratio on the NYSE and by a 2.48-to-1 ratio on the #Nasdaq.

The S&P index recorded 21 new 52-week highs and one new low, while the #Nasdaq recorded 107 new highs and 23 new lows.





[ source link ]
https://www.investing.com/news/stock-market-news/futures-rise-on-hopes-of-vaccinefueled-recovery-2377350

##Wall ##Street #rises #hopes #vaccinefueled #recovery ##Reuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments