Time.news – Wall Street closes with a strong rise driven by the rally in technology stocks. The Dow Jones finished trading + 0.09% to 31,832.08 points, The Nasdaq, after losing more than 10% from its most recent peak, ended the session with a gain of 3.69% to 13,073. , 83 points and the S&P 500 was up 1.36% to 3,873.32 points.
Behind the recovery of tech stocks is the sharp decline in Treasury yields which had triggered the wave of sales on the sector. US Treasuries have fallen back from the 13-month high. Since the end of January, the 10-year yield has increased by around 60 basis points. On the market fears about a jump in inflation in the coming months are easing which could push the Fed to tighten and expectations of an economic recovery regain strength.
It is scheduled for Wednesday in the House of Representatives on final vote on the $ 1.9 trillion Covid aid package, already approved last Saturday by the Senate. The House is scheduled for tonight’s procedural vote on the measure that includes, among other things, a third round of direct checks, the extension of $ 300 benefits for the unemployed and billions of dollars for the vaccination campaign. President Joe Biden has said he will sign the law “as soon as” it hits his table.
The stocks of the mega-cap tech giants are back on track after an 11% correction recorded in the past three weeks. Apple closed the session with a progress of 4.06%, Microsoft with + 2.74%, Alphabet posted a gain of 1.52%, Facebook a + 4.08% and Amazon.com a + 3.7%.
Tesla, one of the stocks that are most riding on new investor appetite after the sell-off, jumped nearly 20% on the S&P 500 after losing about 40% of its market capitalization in the past month. Gamestop is back to racing earning 26.99%. The title of the Texan chain of video game stores is subject to new strong rises after the + 40% recorded during yesterday’s session. The new rally also favored the other stocks in the “WallStreetBets” basket, the Reddit channel where the phenomenon that led to the monstrous increases in January for the so-called ‘meme stocks’ was born. For some investors, these hikes may find a reason in the new stimulus package that is about to be finally approved.