S&P 500 closes at record high as Wall St notches fifth straight quarterly gain

Record ID: 1624240

  • Title: S&P 500 closes at record high as Wall St notches fifth straight quarterly gain
  • Date: 30th June 2021
  • Summary: RYE, NEW YORK, UNITED STATES (JUNE 30, 2021) (REUTERS VIA SKYPE) (SOUNDBITE) (English) DEPUTY CHIEF INVESTMENT OFFICER AT RICHARD BERNSTEIN ADVISORS, DAN SUZUKI, SAYING: "What you're seeing with Didi is very much in line with what we've been seeing with all similar types of stocks over the past couple of years. And I think that there's a huge amount of liquidity that's effectively trapped in the financial markets. And so you're seeing an increasing amount of speculative trading activity, whether that's Didi and names associated with innovation, disruption or its SPACs or Bitcoin or meme stocks, I think all of this is a reflection of that. And what's worrisome is that people are buying narratives regardless of the underlying fundamentals and valuations. In economics, that's called inelastic demand. And I think that's what gets people into trouble is not being price sensitive to the story you're buying."
  • Embargoed: 14th July 2021 21:18
  • Keywords: ADP National Employment Report U.S. private payrolls Wall Street jobs reopening stocks workers
  • Location: NEW YORK, AND RYE, NEW YORK, UNITED STATES
  • City: NEW YORK, AND RYE, NEW YORK, UNITED STATES
  • Country: USA
  • Topics: Economic Events,Equities Markets,United States
  • Reuters ID: LVA005EJLEYPZ
  • Aspect Ratio: 16:9
  • Story Text: The S&P 500 eked out its fifth straight record closing high on Wednesday (June 30) as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday's (July 2) highly anticipated employment report.
    In the last session of 2021's first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.
    All three indexes posted their fifth consecutive quarterly gains, and the S&P 500 registered its second-best first-half performance since 1998, rising 14.4%.
    For the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak. The Nasdaq also gained ground in June.
    This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.
    The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department's more comprehensive employment report due on Friday.
    The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.70 points, or 0.13%, to 4,297.50 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.
    (Production: Brendan McDermid, Fred Katayama, Roselle Chen)
  • Copyright Holder: REUTERS
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