- Title: Wall Street rallies on renewed economic optimism
- Date: 20th July 2021
- Summary: WILTON, CONNECTICUT, UNITED STATES (JULY 20, 2021) (REUTERS) 2 (SOUNDBITE) (English) VESPULA CAPITAL CEO, JEFF TOMASULO, SAYING: "Well, I think we're seeing what we've seen over the last six months, a year, is that on these pullbacks, you know, people that are looking for opportunities, they're finding it in certain sectors, right? And today we're actually what I like that we're seeing is the most beaten down the Russell 2000 is actually outperforming the other indices so far at this point in time. And I think on the sell-off, when you're in a market environment, you know, people need to put money to work to get the yield, right? And with interest rates being so low, so when you have a three-percent sell-off that you've seen in the Dow, and the Nasdaq, and the S&P, people start to put money to work. And then with the, you know, the Russell 2000, you started to see an up rotation in to, you know, the value stocks that had been beaten up. So I think you're.... you're seeing a lot. The key, though, Fred, is over the next few days, can this rally sustain itself and do the pattern that we've seen over the past six months, a year where it goes back up to its all time highs? If it fails here and it starts to come in again, I would be really concerned that we can get a deeper correction of more than three percent, maybe that five to 10 percent that we saw in the Russell 2000."
- Embargoed: 3rd August 2021 21:21
- 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, + WILTON, CONNECTICUT, UNITED STATES
- City: NEW YORK, NEW YORK, + WILTON, CONNECTICUT, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002EMNCH1J
- Aspect Ratio: 16:9
- Story Text: Wall Street ended sharply higher on Tuesday (July 20), bouncing back from a multi-day losing streak as a string of upbeat earnings reports and revived economic optimism fueled a risk-on rally.
All three major U.S. stock indexes gained more than 1% with the blue-chip Dow, on the heels of its worst day in nine months, leading the charge.
The S&P notched its first advance in four days, and the Nasdaq posted its first gain in six.
Unofficially, the Dow Jones Industrial Average rose 550.48 points, or 1.62%, to 34,512.52, the S&P 500 gained 64.72 points, or 1.52%, to 4,323.21 and the Nasdaq Composite added 223.89 points, or 1.57%, to 14,498.88.
(Production: Aleksandra Michalska, Fred Katayama)
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