- Title: The S&P 500 nabs another all-time closing high ahead of Jackson Hole
- Date: 25th August 2021
- Summary: BALTIMORE, MARYLAND, UNITED STATES (AUGUST 25, 2021) (REUTERS) (SOUNDBITE) (English) CHIEF INVESTMENT OFFICER OF GIDEON STRATEGIC PARTNERS, ERIK OROS, SAYING: "There might be some misled optimism around this package and the infrastructure package as well. And that when you look inside of these packages, the amount of money that actually is going to hit the market is materially lower than the incredibly large trillion dollar COVID relief packages." WHITE FLASH (SOUNDBITE) (English) CHIEF INVESTMENT OFFICER OF GIDEON STRATEGIC PARTNERS, ERIK OROS, SAYING: "It is the type of market where I wouldn't read too much into the market action. But certainly there is some some jockeying ahead of of a very consequential event at Jackson Hole coming later this week. Today, we're seeing small caps outperform. That has been a real sea change over the last few weeks that they've really kind of taken it on the chin."
- Embargoed: 8th September 2021 21:26
- Keywords: Delta Nasdaq Nordstrom S&P 500 U.S. stocks Wall Street competition coronavirus pre-pandemic levels supply chain
- Location: NEW YORK, NEW YORK, AND BALTIMORE, MARYLAND, UNITED STATES
- City: NEW YORK, NEW YORK, AND BALTIMORE, MARYLAND, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002ERS3KUF
- Aspect Ratio: 16:9
- Story Text:Wall Street gained ground on Wednesday (August 25), with chipmakers and financials helping to push the S&P 500 and the Nasdaq to record closing highs as investors look to the upcoming Jackson Hole Symposium for assurances that Federal Reserve's timeline for policy tightening remains intact.
With few negative catalysts to sour the risk-on sentiment, all three major U.S. indexes ended the session modestly higher.
Rising U.S. Treasury yields boosted rate sensitive financials, and sectors that stand to gain most from economic revival - smallcaps, chips and transports - were outperforming the broader market.
Days after the Food and Drug Administration gave full approval to the Pfizer-BioNTech COVID-19 vaccine, companies and institutions are moving toward either mandated inoculation, or penalization for those who forego the shot.
The Pentagon and Delta Air Lines are the latest to enact such measures, with Ford Motor Co and others potentially following suit.
Analysts polled by Reuters see the stock market staying rangebound for the remainder of 2021, with the S&P 500 ending the year little changed as the pandemic recovery, along with corporate earnings growth, lose steam.
Tame economic data, including flat new orders for core capital goods, reinforced the notion that Fed Chairman Jerome Powell is unlikely to hint at a shortened timeline for policy tightening at the virtual Jackson Hole Symposium, due to get underway on Friday.
The Dow Jones Industrial Average rose 39.24 points, or 0.11%, to 35,405.50, the S&P 500 gained 9.96 points, or 0.22%, to 4,496.19 and the Nasdaq Composite added 22.06 points, or 0.15%, to 15,041.86.
(Production: Fred Katayama, Hyeongmi Kim, Roselle Chen)
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