On Wednesday, Wall Street had eked out gains following a choppy session with trade-sensitive Dow leading the gains as investors appeared to be looking beyond the pandemic-led upheavals alongside a latest leg of contentious stimulus negotiation in the Capital Hill.
In point of fact, Wednesday’s Wall St. had witnessed its major indices oscillating for a lion share of the day, while Nasdaq had scored the smallest gain following a 1.2 per cent nosedive of Amazon.com Inc. stocks. So far, the Standard & Poor 500, the index of the scintillating corporate titans responsible for over 45 per cent trading activities in the Wall St., remained in the positive territory on Wednesday’s market closure, up by 1.4 per cent, while the tech-heavy Nasdaq added 19.3 per cent since January 1 and the trade-sensitive Dow had faltered 5.4 per cent year-to-date.
Investors’ caution capping gains, said analysts
Besides, apart from a steady spike in pandemic cases in the United States, a garrulous debate in the Capital Hill between the Congressional Democrats and the Republicans over a $1 trillion or more in pandemic stimulus bill had also kept a lid on the gains.
Citing statistics, on the day’s market wrap up, the Dow Jones Industrial Average soared 0.62 per cent to 27,005.84, S&P 500 added 0.57 per cent to 3,276.02 and the tech-heavy Nasdaq rose by 0.24 per cent to 10,706.13.
Meanwhile, referring to an upscaled investors’ cautions, a chief market economist at Spartan Capital Securities in NY, Peter Cardillo said on the day’s closing bell, “Investors are starving for income and they can’t get that in the bond market so they’re looking to equities.
But even though the averages are going up, investors seem to be growing more cautious. I suspect the administration is going to push to pass stimulus before the extension expires, or consumer spending is going to falter again”.