The United States flag is seen on a building on Wall Street, in the financial district of New York, USA. November 24, 2020

Technology stocks pushed the major Wall Street indices higher this Wednesday, while investors waited for details of the great President Joe Biden’s infrastructure plan, with the market on track to close its fourth quarter of earnings.

In this context The S&P 500 index reached record values ​​this Wednesday on the New York Stock Exchange and maintained a rise of 0.82%, before the ins and outs of the $ 3 trillion to $ 4 trillion package that will focus on traditional projects like roads and bridges along with investments in the electric vehicle market are known.

According to analysts cited by the agency Reuters, it is estimated that the size and scale of the proposal, as well as the question of how it would be paid for, is likely to set the stage for the next partisan showdown in the US Congress.

Unprecedented stimulus and rapid vaccine deployment in the United States helped the S&P 500 and the Dow Jones to hit all-time closing highs last week.

The Nasdaq was up almost 2% this Wednesday, but the index is trading around 7% below its all-time high, as high-flying tech names have been hit by a surge in US 10-year bond yields.

“The infrastructure plan and rising yields just mean that the turnover from growth to value will continue for the next several weeks,” Peter Cardillo, chief market economist at Spartan Capital Securities in New York, told Reuters.

While Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, considered that “The current market has returned to focus on technology and is moving away from the industrial economic reopening and infrastructure actions that were so interesting before.”

After leading Wall Street’s rally from last year’s coronavirus lows, the tech-heavy Nasdaq’s 1.93% gain lags the S&P 500 and Dow Jones this quarter.

The Dow Jones Industrial Average gained 0.14% to 33,111.438 units, while the S&P 500 added 0.82% to 3,991.18 units.

Apple Inc was up 1.6% after brokerage UBS upgraded its recommendation of the stock to “buy” due to stable long-term demand for iPhones from better licensed service providers.

The tech sector was up about 1%, while financial and energy stocks were down in a reversal from trend this quarter.

Developing…

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