Connect with us

Business

Wall Street supported by the rise in cyclical stocks

Avatar

Published

on


NEW YORK (Reuters) – Wall Street shares traded near breakeven on Friday as investors sold off tech stocks and turned into economically sensitive cyclical stocks in anticipation of growing the US economy on the demand pent up once the coronavirus pandemic is brought under control.

FILE PHOTO: American flags hang from the facade of the New York Stock Exchange (NYSE) building after the start of Thursday’s trading session in Manhattan in New York, New York, U.S. January 28, 2021 . REUTERS / Mike Segar

Industry led the rising sectors in the S&P 500, boosted by a 10.2% rise in Deere & Co and Caterpillars 5.3% to an all-time high. Finance, materials and energy, as well as industry, grew by more than 1%.

The S&P 1500 Airlines Index also climbed 3.8%, with a focus on post-pandemic travel.

Stay-at-home winners Microsoft Corp, Facebook Inc, Google Alphabets and Netflix Inc fell 0.4% to 2.3% in a trend seen for most of the week. Apple Inc and Amazon.com Inc also fell.

A battle continues between technology-driven growth stocks and cyclical companies, companies heavily affected by economic conditions, said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

When the economy is booming, they roar. When the economy weakens, they weaken, Ghriskey said. The economy will roar, at least for a while. There is a huge pent-up demand, whether it’s just to travel or return to work.

As of 2:33 p.m. ET, the Dow Jones Industrial Average had risen 16.28 points, or 0.05%, to 31,509.62, the S&P 500 lost 6.4 points, or 0.16%, to 3,907.57 and the Nasdaq Composite added 1.02 points, or 0.01%, to 13,866.37.

Strong earnings, progress in vaccine rollouts and hopes for a $ 1.9 trillion federal coronavirus relief program helped U.S. stock indexes reach record highs earlier in the week.

The Dow Jones hit a new intraday high, led by Caterpillar, after Deere raised its profit forecast for 2021. Deere said its profits more than doubled in the first quarter on increasing demand for farm machinery and equipment. construction.

The benchmark S&P 500 and the high-tech Nasdaq headed for their first weekly declines this month amid concerns about rising stock valuations, and rising inflation expectations raised fears of a short-term decline in equities.

Bank of America expects stocks to fall more than 10%, which is trading at more than 22 times 12-month futures earnings, the most expensive since the dot-com bubble of the late 1990s.

What we have seen (this week) represents a market that is tired and may not do much. So we’re headed for some kind of pullback, but I don’t think there is any more, said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

Meanwhile, data showed the US IHS Markits Flash Composite PMI, which tracks the manufacturing and service sectors, edged up to 58.8 in February.

Applied Materials Inc was up 5.6% and was among the top Nasdaq and S&P 500 stimulants after forecasting second quarter revenue above market expectations. Demand for its semiconductor manufacturing tools picked up during a global semiconductor shortage.

Rising issues outnumbered falling issues on the NYSE by a 2.02 to 1 ratio; on the Nasdaq, a 2.30 to 1 ratio favored the advancers.

The S&P 500 posted 45 new 52-week highs and no new lows; the Nasdaq Composite recorded 198 new highs and seven new lows.

Reporting by Herbert Lash; additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; edited by Shounak Dasgupta and Jonathan Oatis

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]