Reuters file photo: Traders work on the floor of the New York Stock Exchange (NYSE), in New York City, USA, September 2, 2021. Reuters / Brendon McDermide
Written by Noel Randewich and Shreyashi Sanyal
(Reuters) – Growth in Microsoft (NASDAQ 🙂 and Apple (NASDAQ 🙂 stocks led to a strong return, and investors are waiting for monthly payroll data later this week that could influence the US Federal Reserve’s decision. To bring back financial stimulus.
Apple, Microsoft, Amazon (NASDAQ 🙂 and Alphabet (NASDAQ :), the most valuable company on Wall Street, have risen more than 1% each since the previous day’s growth stock sales.
Facebook Inc. (NASDAQ 🙂 rebounds 2.1% a day after a beating when its app and its photo-sharing platform Instagram go offline for hours.
Nine of the 11 key sector indices rose, with financial, communications services and technology advancing.
The S&P 500 logged in on its fourth day on either side of the 1% move. The last time the index saw a lot of volatility was in November 2020, when it rose or fell 1% or more in seven sessions.
“We’re buying dives, but dives are no longer 10%. Dives are now 2% or 4%,” said Jack Dollarhide, CEO of Longbo Asset Management in Tulsa, Oklahoma. “People have been trained like Pavlov’s dogs to buy dives, which is strengthening all of this.”
Technology stocks and other high-growth stocks were hit on Monday as U.S. Treasury yields rose amid concerns about potential U.S. government debt default. [US/]
The Senate will vote Wednesday in a democratically backed manner to suspend the U.S. debt limit, a leading lawmaker said Tuesday, adding that there is a risk of financially crippled federal credit defaulters due to bias in Congress.
Investors will look at the September employment data on Friday for indications of a reduction in the US Federal Reserve’s asset purchase program.
Adding to concerns that the Fed may tighten monetary policy sooner than expected, recent data showed rising consumer spending, accelerated factory activity and higher inflation.
According to the Institute for Supply Management, the US Non-Manufacturing Activity Index fell to .91..9 last month from .71..7 in August.
The S&P 500 rose 0.92% to 34,314.67 points, while the S&P 500 rose 1.05% to 4,345.73.
Rose 1.25% to 14,433.83.
The S&P 500 is down more than 3% from its record high in September. However, about half the components of the index fell 10% or more from their own 52-week highs.
PepsiCo (NASDAQ 🙂 Inc gained 0.6% after raising its full-year revenue forecast.
The volume on the US exchange was 10.3 billion shares, compared to 10.9 billion shares in the last 20 trading days.
The number of problems progressing on the NYSE has increased from 1.45 to -1; At Nasdaq, the 1.43-to-1 ratio is favorable.
The S&P 500 posted 16 new 52-week highs and 7 new levels; The Nasdaq Composite recorded 71 new heights and 207 new levels.