NEW YORK, July 21 ― Wall Street gained ground yesterday and surging technology shares pushed the Nasdaq to a record closing high, as promising trial results from potential Covid-19 vaccines helped investors look beyond spiraling new cases of the disease. Amazon.com Inc and Microsoft Corp provided...
Tuesday, 21 Jul 2020 07:44 AM MYT
Amazon.com Inc and Microsoft Corp provided the biggest boosts to the Nasdaq and the S&P500, but industrials retreated, capping the Dow's nominal gains. “Developments on Covid, positive or negative, have become the new risk-on/risk-off binary trigger for the market,” said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. “A year ago it was trade.”
The Dow Jones Industrial Average rose 8.92 points, or 0.03 per cent, to 26,680.87, the S&P 500 gained 27.11 points, or 0.84 per cent, to 3,251.84 and the Nasdaq Composite added 263.90 points, or 2.51 per cent, to 10,767.09. In aggregate, analysts now expect S&P 500 second-quarter earnings to have dropped 43.2 per cent year-on-year, per Refinitiv.
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