(For a live Reuters blog on the US, UK and EU stock markets, click LIVE / or type LIVE / in a news window.)
* Intel jumps on CEO replacement, VMware drops
* Regeneration on the rise as US government orders more doses of COVID-19 therapy
* Index up: Dow 0.23%, S&P 0.49%, Nasdaq 0.72% (update prices, add comment, New York date, change online)
Jan. 13 (Reuters) – Wall Streets, three major indices edged up after Wednesday’s choppy morning session, with investors appearing to take a wait-and-see approach as Congress began impeachment hearings.
Intel Corp was the biggest winner in the S&P percentage, up more than 7%, after the chipmaker announced the replacement of its CEO Bob Swan with VMware Inc CEO Pat Gelsinger next month.
The S&P added gains later in the afternoon, just after the Federal Reserve released its Beige Book report. However, it showed that U.S. economic activity has increased slightly in recent weeks, with employment falling in a growing number of Fed districts due to an increase in coronavirus infections.
Major Wall Streets clues reached record highs last week on expectations of a major COVID-19 relief package even as an attack on Capitol Hill increased political uncertainty.
As the US House of Representatives convened to consider a second indictment of President Donald Trump after his supporters invaded the Capitol that left five dead, some investors worried whether the impeachment could delay revival or other parts of President Joe Bidens’ agenda.
The headlines ahead are causing some nervousness in the short term, but it looks like investors are looking beyond that for the rest of the year, said Shawn Cruz, senior market strategist at TD Ameritrade in Jersey City, New Brunswick. Jersey.
While defensive sectors such as utilities and real estate dominated percentage gains among the top 11 S&P sectors, the biggest losers were the more economically sensitive cyclical sectors such as materials and manufacturing. industry.
Investors are in a wait-and-see mode at the moment … if you move on the sidelines, you’ll probably want to get out of cyclical cycles, Cruz said.
At 2:29 p.m. ET (1929 GMT), the Dow Jones Industrial Average rose 72.19 points, or 0.23%, to 31,140.88, the S&P 500 had gained 18.68 points, or 0.49%, at 3,819.87 and the Nasdaq Composite added 93.67 points, or 0.72%, to 13,166.11.
Eight of the 11 main S&P sectors were gaining ground. After posting a record close in the previous day’s trading session, the Russell 2000 Index edged down and gains in the S&P Growth Index outperformed the Value Index.
David Spika, president of GuideStone Capital Management in Dallas, Texas, raised concerns about extremely high ratings and slower-than-expected vaccine deployments.
It is expected to have a significant increase in income and economic growth in 2021, but both are really addicted to the vaccine, he said.
Profit reports from major US banks, including JPMorgan and Citigroup, will mark the unofficial start of the fourth quarter earnings season on Friday.
Exxon Mobil Corp rose 1.7% after JP Morgan overweighted the stock, saying cuts in capital spending had put the oil major on track for better performance.
Regeneron Pharmaceuticals Inc climbed 1.3% as the U.S. government announced it would purchase an additional 1.25 million doses of its COVID-19 antibody cocktail for around $ 2.63 billion.
VMware shares fell 7.6% after the news from Intel.
Rising issues outnumbered falling issues on the NYSE by a ratio of 1.36 to 1; on the Nasdaq, a ratio of 1.01 to 1 helped the declines.
The S&P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 239 new highs and three new lows. (Additional reporting by Medha Singh in Bengaluru; Editing by Marguerita Choy)
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