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Saturday, July 24, 2021

Stocks regain most of the ground they lost a day ago

Stocks jumped on Wall Street on Tuesday, regaining much of the ground they had lost a day earlier when concerns grew about the spread of cases of the more contagious version of COVID-19.

It was the latest rebound after the pullback as investors continue to try and assess how badly rising infections will affect the economic recovery.

The S&P 500 rose 1.5% a day after its biggest drop since May. Airlines and other stocks that sank the day before were back in the winning column. Technology, financial, industrial and health care stocks also driven a substantial portion of the benchmark index’s broad gains.

The Dow Jones Industrial Average rose 596 points, or 1.8%, to 34,563. A day earlier, the bluechip index had lost 728 points.

The Nasdaq Composite was up 1.8%, while the Russell 2000 Index of smaller company stocks outperformed other major indexes, gaining 3.3%.

The sharp one-day rebound for the broader market once again shows how choppy trading has been as investors try to gauge the impact of the lingering virus on inflation, the broader economy and businesses ranging from airlines to banks. The broader market has managed to gain ground even with all the churn, and the benchmark S&P 500 has set several records over the past few weeks.

The spread of the more contagious delta version of COVID-19 has become a concern for investors and policymakers. The Centers for Disease Control and Prevention states that an estimated 83% of cases in the US are linked to the Delta variant. While millions of Americans have been vaccinated, there remains a significant percentage of Americans who are reluctant or outright hostile to the idea of ​​vaccination.

Los Angeles County reinstated an indoor mask mandate late last week as the region’s infection rate was climbing rapidly again. Other parts of the country, such as southern Missouri, are full of COVID cases that are once again causing tension in hospitals.

Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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