NEW YORK, Aug 13 — The Dow and S&P 500 jumped to record closes for a third straight day on Thursday, with mega-cap technology stocks driving the market higher as investors warmed to jobs data showing a steady US economic recovery. Apple Inc, Microsoft Corp, Amazon.com , Google parent Alphabet...
NEW YORK, Aug 13 — The Dow and S&P 500 jumped to record closes for a third straight day on Thursday, with mega-cap technology stocks driving the market higher as investors warmed to jobs data showing a steady US economic recovery.
The fundamental backdrop is supportive of higher equity prices, Sandven said. Earnings are trending higher, interest rates are low and inflation remains moderate, he said. “The move into big tech is simply a trading opportunity. Big tech has been down for a week or so, underperforming the market pretty significantly,” Ghriskey said. “There are bargain hunters coming in, jumping on those securities.”
The number of Americans filing claims for unemployment benefits fell again last week as the economic recovery from the Covid-19 pandemic continued. “Everyone is expecting potentially tapering to begin in September,” he said. “But for the most part, it would not change the conducive environment that we are currently in, for additional gains in equity markets.”
Micron Technology slid 6.4 per cent, one of the biggest weights on the S&P 500, after Morgan Stanley downgraded the stock to “equal-weight.”
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