- Title: Wall Street ends higher, boosted by tech, growth stocks
- Date: 22nd July 2021
- Summary: SCOTTSDALE, ARIZONA, UNITED STATES, UNITED STATES (JULY 22, 2021) (REUTERS) (SOUNDBITE) (English) MATSON MONEY, CEO, MARK MATSON, SAYING: "In, you know, the things that happened in the short run, it's very easy for people to get triggered by them. Whether the market goes up, whether the market goes down, and for the most part, I don't try to read anything into what happens in the short-term. There's just too much noise and there's trillions and trillions and trillions of data points. There's the knowable and predictable information that's already in the price. And then there's the unknowable and unpredictable information, things like instincts, emotion, investor biases. And nobody has a clear read on any of that. So all I make it mean is that when markets are volatile or not volatile, that just means that there's new information today that they didn't have yesterday. And the markets are very efficient at incorporating those into prices. And it's... that doesn't mean anything about a short-term prediction. And we stay away from those, right? You know, I tell investors, once you create your portfolio, you need with it for 20 years, no matter what happens in the short run." WHITE FLASH SOUNDBITE) (English) MATSON MONEY, CEO, MARK MATSON, SAYING: "You know, my message to investors is, look, we had this massive crash at the beginning of the pandemic. It was down 30 percent. Basically the S&P, we've had this massive resurgence, and they need to really put themselves in a position where they're not taking on too much volatility. It's not unlike the 2000 after five year run up of the S&P and tech stocks. And then you saw the S&P drop 50 percent. You saw tech stocks drop 75 percent. Many investors are highly focused, highly allocated to the S&P and tech stocks. And we think that's avoiding diversification and loading up on two assets. Not very smart." WHITE FLASH SOUNDBITE) (English) MATSON MONEY, CEO, MARK MATSON, SAYING: "So many people not returning to the job market, not necessarily because the jobs aren't there just because they're making a lot of money at home, taking the payments for unemployment and for the COVID-19. So I think eventually people will go back to work. But the incentives have to be right. People have to be incentivized to say, 'Hey, you know, we need income, we need to grow, we need to get back into the economy.' Paying people not to work and penalizing people that are working with high taxes, not a very good prescription for long-term economic health."
- Embargoed: 5th August 2021 21:07
- 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, + SCOTTSDALE, ARIZONA, UNITED STATES
- City: NEW YORK, NEW YORK, + SCOTTSDALE, ARIZONA, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002EMXC2FB
- Aspect Ratio: 16:9
- Story Text:Big tech pushed Wall Street to a higher close on Thursday (July 22), modestly building on a two-day rally as lackluster economic data and mixed corporate earnings sent investors back to growth stocks.
A pull-back in economically sensitive cyclicals kept the S&P 500's and the blue-chip Dow's gains muted, while small-caps underperformed their larger rivals.
Unofficially, the Dow Jones Industrial Average rose 24.75 points, or 0.07%, to 34,822.75, the S&P 500 gained 8.79 points, or 0.20%, to 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36%, to 14,684.60.
(Production: Aleksandra Michalska, Fred Katayama) - Copyright Holder: REUTERS
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