S&P, Nasdaq harbour at record peak over vaccine development, Sino-US trade talk



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S&P, Nasdaq harbour at record peak over vaccine development, Sino-US trade talk

On Tuesday, Wall St. had wrapped the day in a variegated complexion with S&P 500 alongside Nasdaq extending their record-setting rally, while the trade-sensitive Dow eased off as a sweeping plunge in Apple Inc. stocks had kept a lid on the gains stemmed from affirmative development in Sino-US trade talk alongside a fresh progress in battle against the paradox of pandemic.

In point of fact, while S&P 500 and Nasdaq had ended up the day in all-time closing highs on record, a drag on Apple Inc. stocks ahead of its four-to-one split had heavily impacted all three key indices of the Wall St, as the reshuffle in stock splits would decline Apple Inc.’s weight in Dow Jones Industrial Average and would eventually goad a reshuffle in the blue-chip stocks, while Exxon Mobil Corp.

would be replaced by Salesforce.com, Amgen Inc. would outs Pfizer Inc. and Honeywell International Inc. would swap Raytheon Technologies Corp. Notably, ahead of the reshuffle, Tuesday’s Wall Street had witnessed Salesforce.com, Amgen and Honeywell shares advancing by 3.6 per cent, 3.2 per cent and 5.4 per cent respectively.

Sino-US trade talk, vaccine hopes propel Wall St. higher

Besides, earlier in the day, trade representatives from Washington and Beijing had reaffirmed their stance on the “Phase One” trade deal reached on Jan.

15 this year despite a raft of rattling battles over multiple fronts including a ban on China’s Huawei alongside other Chinese conglomerate holdings such as ByteDance’s TikTok and WeChat. Apart from that, branding the latest development on a global race to find out a potential cure for the pandemic outbreak, UK-based drugmaker AstraZeneca began human trial for its antibody-based drugs which the British pharmaceutical claimed could treat and prevent future outbreaks.

Citing statistics, on the day’s Wall St. closing bell, Dow dropped 0.21 per cent to 28,248.44 and S&P 500 added 0.36 per cent to wind down the day at a record closing high of 3,443.62, while leading the charges, tech-heavy Nasdaq surged 0.76 per cent to a new record-setting closing high of 11,466.47.

Meanwhile, addressing to the changes in Dow’s blue-chip stocks that in effect had altered the landscape of overall market atmosphere, a chief investment strategist at SlateStone Wealth LLC in NY, Robert Pavlik wrote in a client note, “These changes reflect what has occurred in the overall business environment.

But if (the Dow) were a portfolio drafted by a portfolio manager, the client would have fired the portfolio manager”.