S & P 500 and the Nasdaq Composite closed at highs unseen since February
It was a day of records yesterday for USA's essential indices: USA500 and TECH100. The two benchmarks seem to have put behind all the pandemic’s effects and started looking towards the future. Both managed to recover from the pandemic-induced sell-off that started in February.
USA500 ended yesterday's session at an all-time high. It added 0.2% to 3,389.78, after an intraday high of 3,395.06.
According to specialists from Morgan Stanley, the recent economic data, and the corporate earnings that exceeded expectations paved the way for this record. "There has been a lot of good news seemingly validating this move higher." USA500 reached a low of 2,237.40 on March 23. Because since then, it hasn’t reported another low, analysts consider this day as the start of the bull market. Since then, the USA500 has rallied more than 54%.
Next to USA500 was TECH100, which added 0.7%, yesterday closing at 11,210.84.
All the data shows that the market is back at the pre-sell-off levels, but at the same time, various sectors haven't recovered yet. The Federal Reserve's decision to slash the interest rates to zero and lawmakers' stimulus packages boosted the increases.
No one can predict what will happen next, but everybody is looking for the market to wash-off the pandemic's effect entirely, and proper economic recovery to begin.
Sources: cnbc.com, foxbusiness.com
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