Shares of Wall Street rose on Wednesday as S&P 500 and Nasdaq closed at record levels, backed by chip makers and financial companies, with investors waiting for the annual Federal Reserve (Fed) meeting at Jackson Hole to offers assurances that the monetary policy tightening plan will remain unchanged, Reuters reports.
“Positive news about vaccination approvals and expectations that the Fed will not shock markets at Jackson Hole are helping keep stock prices high,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. that “it’s a very quiet market, because a lot of investors are at the beach this week. “
The shares of companies in the financial sector and those of companies in the sectors that will benefit most from the recovery of the economy, such as those of chip manufacturers, and other transport companies have risen due to high yields of Treasury securities, informs News.ro.
Following full approval of the Pfizer and BionTech Covid-19 vaccine, companies and institutions are either beginning to force employees to get vaccinated or to penalize those who do not.
The Pentagon and Delta Airlines are among the entities that have taken such action.
The Dow Jones Industrial Average closed up 0.11%, the S&P 500 0.22% and the Nasdaq Composite 0.15%.
The S&P 500’s securities component advanced by more than 1%, but shares in the healthcare sector saw the largest percentage decline.
Shares of chip makers Nvidia and Applied Materials rose 1.9% and 1.2% respectively. The shares of technology companies Alphabet, Tesla and Facebook had the largest contribution to the rise of the Nasdaq index.
Nordstrom shares fell 17.6% after the department store operator reported a 6% decline in quarterly revenue from the pre-pandemic level.
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