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New York Stock Exchange and all three major indices reach record highs


Three major indices reach new all-time highs on the New York Stock Exchange, which started the week in free fall, immediately rebounded, and the three major indices closed at record highs on the 23rd.

new york stock exchange
The New York Stock Exchange closed on the 23rd (local time) with a 1% gain, setting a new record.

Dow Jones Industrial Average broke 35,000 points for the first time in history, and S&P 500 and Nasdaq reached record highs.

In the past four days, the New York Stock Exchange, which had begun to plunge on fears that the spread of the new delta mutation of the Covid-19 would cast a pall over the U.S. and global economies, has dispelled those fears.

The Dow closed at 35,5061.55, up 238.20 points (0.68%) from the previous day, and the Nasdaq Composite closed at 14,836.99, up 152.39 points (1.04%).

The S&P 500 gained 44.31 points, or 1.01%, to close at 4411.79.

The delta mutation led to an increase in new infections in all 50 U.S. states that day, though unlike earlier in the week, the market was not rattled.

In the bond market, the 10-year U.S. Treasury yield approached 1.3%, raising concerns about an economic slowdown.

The 10-year U.S. Treasury yield rose to 1.28 percent today, according to CNBC. It had fallen to 1.13 percent on the 19th, sparking concerns about an economic slowdown and leading to a massive sell-off in the stock market.

“The bond market took everyone by surprise,” said Nick Frilingheisen of Chilton Trust.

In his opinion, concerns about chronic inflation (inflation) from the 1970s and 1980s, which were prevalent in the market on January 19, are no longer valid today, and the bond market says the large sell-offs in stocks were excessive.

The stock market reversed an upward trend on the 20th, the day after the crash, and predicted that the crash on the 19th was only temporary.

The Dow rose 1.1%, the S&P 500 rose 2%, and the Nasdaq rose 2.8% over the last week.

Keith Lerner, chief market strategist at Truist Advisory Services, told The Wall Street Journal, “If you asked me on Monday (19) if you expect the stock market to hit an all-time high on Friday (23), you would probably say very unlikely.” He noted that the market atmosphere has changed rapidly over the past week.

“It shows how fast the stock market is moving,” Lerner said.

As earnings from major U.S. companies improved, investors were gradually relieved after beginning the week anxious due to fears of a slowdown from the resurgent pandemic.

For MetaNews.


Jonathan Hobbs

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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