Wall St. scales higher on strong recovery hopes

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Wall St. scales higher on strong recovery hopes

On Friday, all three key indices of Wall St. rallied across the board with tech, healthcare and financials leading the tally of gains as investors seemed to be having a flutter on a recovery bet amid anticipations of the fastest US economic growth since 1984.

If truth is to be told, in the day’s broad-based upsurge in the Wall St. that had witnessed all three key indices closing out above 1 per cent, was almost entirely galvanized by expectations of a solid economic recovery as investors shrugged off concerns of a dive in consumer spending last month, which plausibly was stemmed off a Texas winter storm alongside a severe deep freeze across the country, while traders capitalizing on a heavy downpour in the Wall St.

earlier this week, had added to further uplift.

Wall Street ends broadly higher on solid recovery hope

On top of that, benchmark S&P 500 and trade-sensitive Dow wrapped up the day’s choppy session higher as investors appeared to be rebalancing their portfolios at the end of first quarter of 2021 while continuing a recent trend to purchase the shares which would more likely to be benefited by the most following a re-opening of the US economy.

Aside from that, in the day’s Wall St. had also received a big boost from tech stocks as investors betted on less popular tech stocks with so-called meme stocks extending their gains as GameStop added another 13 per cent alongside other growth stocks.

Nonetheless, some of the mega-cap tech stocks such as Tesla Inc. and Alphabet Inc. had been hit with lofty whiplashes, though an uptick in the shares’ prices of Microsoft Corp. and Facebook Inc. had overshadowed the losses and heaved Nasdaq higher.

Citing statistics, in the day’s Wall St. closing bell, trade-sensitive Dow surged 1.39 per cent to 33,072.88 and benchmark S&P 500 space-dived as much as 1.66 per cent to 3,974.54, while tech-heavy Nasdaq climbed 1.24 per cent to 13,138.73.

On the week, S&P 500 and Dow closed out roughly 1.6 per cent and 1.4 per cent higher respectively, while Nasdaq dipped 0.6 per cent, posting its second straight weekly percentage decline in a row. Meanwhile, addressing to a growing investors’ appetite for growth alongside value stocks, a chief investment strategist at Oppenheimer Asset Management in New York, John Stoltzfus said, “It is less a move out of technology than a move that evidences a broader appetite for equities to include both growth and value.