Stocks Rise on Wall Street a Day After Large Drop ”Albuquerque Journal
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Shares were higher on Wall Street on Tuesday as investors shed a yesterday’s rout over concerns about the spread of a more contagious variant of COVID-19.
The S&P 500 Index was up 1.4% at 11:43 a.m. EST. The Dow Jones Industrial Average rose 525 points, or 1.6%, to 34,488 and the Nasdaq composite rose 1.3%. On Monday, the S&P 500 fell 1.6%, its largest single-day decline since May.
The spread of the more contagious delta variant of COVID-19 has become a matter of concern for investors and policymakers. While tens of millions of Americans have been vaccinated, there remains a significant percentage of Americans who are either reluctant or downright hostile to the idea of getting the vaccine.
Last weekend, Los Angeles Country reinstated an indoor mask warrant as the region’s infection rate rose rapidly again. Other parts of the country, such as southern Missouri, are inundated with COVID cases that are again straining hospitals.
Bond yields fell sharply on Monday, fearing the strong economic recovery from the pandemic could be threatened by additional lockdowns or cases of coronavirus. The yield on the 10-year Treasury bill fell from 1.18% the previous day to 1.21%. Just a week ago, the 10-year note was trading at a yield of 1.33%.
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“We’re seeing a more dramatic expansion of what we’ve been through over the past two weeks, which is really the market looking for a narrative,” said Yung-Yu Ma, chief investment strategist at BMO Management. of heritage.
Investors are looking for any clues they can get to better assess the continued trajectory of the economic recovery. Everything from the Federal Reserve’s comments to business outlook and economic data is used to get a clearer picture of what the economy might look like throughout the year and into 2022.
Wall Street is also in the middle of the earnings season. IBM rose 3.5% after the company reported better-than-expected revenue and profits, helped by its cloud computing business. Hospital operator HCA Healthcare jumped 14% after handily beating Wall Street earnings and income forecasts in the second quarter.
Outside of profits, drug distributors have made great strides following reports they are set to secure a $ 26 billion settlement in opioid lawsuits. AmerisourceBergen rose 4.8% and McKesson 3.7%.