- Title: Wall Street closes at record highs as financials lead rebound
- Date: 9th July 2021
- Summary: MINNEAPOLIS, MINNESOTA, UNITED STATES (JULY 9, 2021) (REUTERS) (SOUNDBITE) (English) PIPER SANDLER, CHIEF MARKET TECHNICIAN, CRAIG JOHNSON, SAYING: "Cyclicals are definitely leading the charge, which is leading to a lot of frustration among investors because they keep hearing the narrative of this market changing, Fred, they keep hearing about this is going to be a value rally and then all of a sudden rates come down and we've got to get back into growth. And it's leading to a lot of turnovers it's leading to a lot of confusion as people are trying to sort out what this narrative looks like. The economic data coming out between the jobs reports where all this inflation really looks transitory and a lot of investors have been buying into that news and that's been leading to the growth stocks coming back in a little bit of underperformance in value. But again, Fred, I wouldn't buy into that narrative too strongly because the Fed has said they're going to let this economy run hot above their 2% level. And I think as I look at all the charts between energy, between BASIX, between the growth stocks, I still think it's going to favor staying long the value part of the market for now."
- Embargoed: 23rd July 2021 21:08
- Keywords: COVID-19 Delta variant Dow Jones Nasdaq S&P 500 Wall Street coronavirus equities index indices markets shares stocks trading vaccine
- Location: NEW YORK, NEW YORK, MINNEAPOLIS, MINNESOTA, UNITED STATES
- City: NEW YORK, NEW YORK, MINNEAPOLIS, MINNESOTA, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002EL4ECSN
- Aspect Ratio: 16:9
- Story Text: The three major U.S. stock indexes rallied to record closing highs on Friday (July 9) as financials and other economically focused sectors rebounded after a selloff sparked by growth worries earlier in the week.
The week also saw a sharp rally in U.S. Treasuries as investors worried the U.S. economic recovery might be losing steam with the Delta variant of the coronavirus spreading.
The Dow Jones Industrial Average rose 448.23 points, or 1.3%, to 34,870.16, the S&P 500 gained 48.73 points, or 1.13%, to 4,369.55 and the Nasdaq Composite added 142.13 points, or 0.98%, to 14,701.92.
(Production: Hyeongmi Kim, Fred Katayama, Aleksandra Michalska)
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