- Title: S&P, Nasdaq end at record highs as dovish Fed taper-talk calms investors
- Date: 30th August 2021
- Summary: SCARSDALE, NEW YORK, UNITED STATES (AUGUST 30, 2021) (REUTERS) (SOUNDBITE) (English) CARIN PAI, HEAD OF PORTFOLIO MANAGEMENT, FIDUCIARY TRUST, SAYING: "I think there's three major forces of spending that has been driving the market. The Fed's spending in terms of asset purchases, you've got fiscal spending, which you just mentioned, and the consumer. Consumer spending has been an important contributor to the economy as well as the markets."
- Embargoed: 13th September 2021 21:23
- Keywords: COVID-19 Fed Stocks economy equities markets
- Location: NEW YORK + SCARSDALE, NEW YORK, UNITED STATES
- City: NEW YORK + SCARSDALE, NEW YORK, UNITED STATES
- Country: US
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002ESH2PTZ
- Aspect Ratio: 16:9
- Story Text:The S&P 500 and Nasdaq ended Monday (August 30) at fresh record highs as investors jumped into technology stocks, taking comfort from the Federal Reserve's dovish comments on tapering in monetary stimulus and what that might mean for the economic recovery.
Apple Inc., jumped to an all-time high, while Microsoft Corp, Amazon.com, Google-owner Alphabet Inc., all rose, helping the tech-heavy Nasdaq outperform the S&P 500 and the Dow.
High-growth tech stocks tend to benefit from expectations of lower rates because their value rests heavily on future earnings.
The benchmark index is tracking its longest monthly winning streak since 2018 on the promise of easy money, with investors shrugging off signs of a slowing economic recovery and surging COVID-19 cases.
(Production: Conway Gittens, Hyeongmi Kim, Angela Moore)
- Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2021. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None