Wall St. closes higher on tech rally amid mixed signals on economic rebound



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Wall St. closes higher on tech rally amid mixed signals on economic rebound

US stocks rallied at a rocky trading session on Thursday as the heavily-battered tech shares appeared to have regained some of their footings lost over the recent past, though, the US stock futures have been trading lower following a choppy Asian trading on Friday that had witnessed Hang Seng having been plunged by 0.66 per cent and ASX 200 by 1.11 per cent.

In point of fact, all three key indices of Wall St. had managed to wrap up Thursday’s market modestly higher as tech-stocks pared losses after the US Commerce Department data had revealed that the US new home sales had surged by the steepest pace since 2006 in August, however, an unprecedented rise in US jobless claims last week had ascribed a rock-solid question-mark regarding the possibilities of a quicker-than-anticipated recovery for the US economy.

Wall St. ends higher after choppy session

Aside from that, in what could be contemplated as an eventful session for the Wall St., stocks opened in a hesitant note as a rise in US initial jobless claims had been weighing on, but key stock indices gathered momentum following the release of US housing data and the stocks had also reacted positively to a media headline revealing that the lawmakers had been trying to work out a $2.2 trillion pandemic relief bill.

Citing statistics, as all of the so-called FAANG (Facebook, Amazon, Apple, Netflix and Google) stocks alongside the semiconductor giant Nvidia Corp. had outperformed their regional peers, the trade-sensitive Dow Jones ended the day 0.20 per cent higher to 26,815.44 and benchmark S&P 500 rose by 0.30 per cent, while the tech-heavy Nasdaq soared by 0.37 per cent to 10,627.27.

Meanwhile, adding that the Thursday’s Wall St. had reflected a raft of cautious moves from the investors, an analyst at Bright Trading LLC., Dennis Dick said on the day’s session closure, “Fear of missing out has turned into to fear of losing actual money.

This is a shakeout of all the Robinhood traders, a shakeout of retail investors. They’re getting punished, and rightfully so, because you can’t just buy stocks out of a hat thinking stocks only go up.