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(Reuters) – The S&P 500 closed at one other file excessive on Tuesday and the Nasdaq composite index jumped, as traders shook off considerations in regards to the halt in Johnson & Johnson’s COVID-19 vaccine rollout and robust U.S. inflation.
The drugmaker’s shares hit a one-month low earlier than recovering some losses to shut down 1.3%, as requires pausing the usage of its COVID-19 vaccine after six ladies developed uncommon blood clots dealt a contemporary setback to efforts to sort out the pandemic.
The information got here as U.S. information confirmed the patron worth index (CPI) in March rose by essentially the most in additional than 8-1/2 years, kicking off what nearly all of economists count on can be a short interval of upper inflation.
U.S. futures initially dropped on the J&J information, however pared losses after the CPI information. Strong demand for Tuesday’s U.S. Treasuries subject pushed down yields additional, highlighting traders’ lack of concern about any imminent bump in rates of interest.
As a substitute, in one of many yr’s quietest classes, high-flying expertise names that flourished throughout coronavirus-induced lockdowns final yr attracted renewed shopping for that boosted Apple Inc, Microsoft Corp and Amazon.com Inc. The trio gained between 0.6% and a pair of.4%.
The broader expertise sector rose 1%, and the NYSE FANG+TM Index climbed 1.7% to a file twelfth straight increased shut.
The S&P 500 completed at file highs on Wednesday, Thursday and Friday final week.
“Whereas (the J&J information) could trigger some short-term volatility, traders have been fairly steadfast of their religion in a full financial restoration,” mentioned Mike Loewengart, managing director at funding technique at E*TRADE Monetary.
The Dow Jones Industrial Common fell 68.13 factors, or 0.2%, to 33,677.27; the S&P 500 gained 13.6 factors, or 0.33%, at 4,141.59; and the Nasdaq Composite added 146.10 factors, or 1.05%, at 13,996.10.
The volatility index, reflecting the dearth of market jitters, hit a contemporary 14-month closing low of 16.65.
“This yr, 20 had proved to be a little bit of a ground, however what we’ve seen from the beginning of this month is the VIX broke down via that stage and established its buying and selling vary at mid-teens, which is notable for the broader threat surroundings as we enter earnings season,” mentioned Greg Boutle, U.S. head of fairness and spinoff technique at BNP Paribas.
First-quarter earnings season begins in earnest on Wednesday, with Goldman Sachs, JPMorgan and Wells Fargo reporting.
Analysts count on earnings for S&P 500 firms to have jumped 25% from a yr earlier, pushed by power in shopper discretionary and monetary firms, in keeping with Refinitiv IBES information.
Cryptocurrency and blockchain-related companies Riot Blockchain and Marathon Digital Holdings gained 15% and 1.9% respectively as bitcoin costs soared 5.6%, a day forward of the itemizing of Coinbase, the biggest U.S. cryptocurrency trade.
The amount on U.S. exchanges was 9.3 billion shares, versus the 11.4 billion common for the final 20 buying and selling days.
Advancing points outnumbered declining ones on the NYSE by a 1.06-to-1 ratio; on Nasdaq, a 1.11-to-1 ratio favored decliners.
The S&P 500 posted 43 new 52-week highs and one new low; the Nasdaq Composite recorded 60 new highs and 81 new lows.
Reporting by David French in New York and Medha Singh in Bengaluru; Modifying by Sagarika Jaisinghani, Arun Koyyur, Maju Samuel and Richard Chang
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