Major indices ended all green for the first time this week; Dow met another high
Technology stocks continue to be pressured by the possibility of tax rate increase as announced two days ago. Traders are also shying away from growth stocks as they will also be heavily affected once tax rates are increased.
NASDAQ almost extended their losses as the intraday results are not so good, but managed to turn it around before session close. The Dow extended gains and headed into their 4th day winning spree. The S&P closed slightly higher than its flat line, just like yesterday, showing minor movements in the market as of late.
With investors switching away from tech and growth stocks and valuations are showing as already reaching the limits, traders are considering that the economic recovery has moved farther than they have anticipated and that earnings season may have already moved past them.
This was supported by the data from Bank of America that showed equities being sold for three weeks in a row now. Also, ADP reported that private payrolls increased by 742,000 in April, suggesting that the economy has moved to a better standing compared to where it was expected to be. With the market moving as such, minor tweaks are being done by traders.
S&P gained more than 0.80% in today’s session, while the Dow got almost 1% setting a fresh record high. NASDAQ was struggling but managed to squeeze out almost 0.40%.
Here’s the data for market movement on Thursday, May 6:
– NASDAQ Composite Index stepped up to 13,632.84 after gaining 0.37% or 50.42 points.
– The Dow Jones Industrial Average closed at 34,548.53 and increased by 0.93% or 318.19 points.
– S&P 500 Index increased by 0.82% or 34.03 points and wrapped at 4,201.62.
– U.S. 10 Year Treasury yield lost 2.3 basis points to 1.5610%.
– Gold stepped up by 1.70% and now at $1,814.60 an ounce
– Crude slightly down by 1.22% at $64.83 per barrel
Cryptocurrencies are as volatile as ever, with even the major cryptocurrencies being mixed. We got the main 5 cryptocurrencies listed below, have a look at the current movements:
– Bitcoin (BTC) – $55,101.42
– Etherium (ETH) – $3,439.24
– Ripple (XPR) – $1.59
– Bitcoin Cash (BCH) – $1,406.39
– LiteCoin (LTC) – $357.26
For more latest news in US Stock Market and Crypto Currency you may also visit us at Advisory Access Limited through our website or contact us via email.
For more information, visit: https://advisoryaccessltd.com/
