Records on Wall Street with optimism on the COVID front

by Stephen Culp

NEW YORK (Reuters) – The New York Stock Exchange ended higher on Tuesday, with closing records for the S & P-500 and the Nasdaq, as the lack of negative catalysts boosted risk appetite as the approval Finalization of the COVID-19 vaccine produced by Pfizer-BioNTech in the United States has fueled optimism over the recovery of the economy.

The Dow Jones index gained 0.09%, or 30.55 points, to 35,366.26 points.

The larger S & P-500 gained 6.70 points, or 0.15%, to 4,486.23 points.

The Nasdaq Composite advanced by 77.15 points (0.52%) to 15,019.80 points.

This is the 50th time the S & P-500 has hit a record since the start of the year.

Once again, the market was carried by the big tech stocks, although cyclical stocks also rose above average.

“When you look at the slackest periods for the market, and we find ourselves in that home stretch of summer, it’s not unusual for markets to experience an upward movement,” commented Chuck Carlson, Managing Director of Horizon Investment Services in Hammond, Indiana.

“To this was added the information on the front of the variant (Delta of the coronavirus), with the full approval of the vaccine,” he added.

The US health authority definitively approved the use of the coronavirus vaccine developed by Pfizer with BioNTech on Monday, fueling optimism over the recovery of the US economy.

This has benefited in particular the travel and leisure sectors, linked to deconfinement, which have recorded significant gains. “Those looking for market opportunities have found them again with these economically sensitive stocks,” noted Chuck Carlson.

Investors’ attention is on the Jackson Hole, Wyoming seminar scheduled for this week, where they will watch for signs of upcoming US Federal Reserve (Fed) action. Fed boss Jerome Powell is due to meet and speak with peers.

Side values, the electronic equipment distributor Best Buy rose 8.3% after raising its forecast for annual revenue growth.

In the wake of the announcement of the first quarterly profit in its history, the Chinese online trading platform Pinduoduo jumped 22.2%.

(French version Jean Terzian)