The U.S. stock market saved a suspicious divergence Wednesday with the Dow Jones industrial average ending at an all-time high, while the Nasdaq Composite remained in a corrective range after falling in the past few weeks. more than 10% went off his record.
An Dow DJIA,
also clearing a massive milestone of over 32,000 for the first time.
The Dow has not been at a high level while the Nasdaq Composite has been in a correction range since around the time of the dot-com bot and body on August 23, 1999, according to Dow Jones Market Data .
The Nasdaq Composite COMP,
was officially corrected on Monday, when the index fell 10.54% from its record high on February 12, and many market technologists believe that funds are left as a correction to make a new high. . Dow Jones considers an asset to be an out-of-date correction when it climbs at least 10% of its correction level.
The rally in the Dow was powered by Boeing Co. businesses. BA,
drug store chain Walgreens Boots Alliance Inc. WBA,
and Home Depot HD home development chain,
who have been benefiting from the so-called reopening trade investors are shifting the focus from tech companies that have done well through the pandemic to those that could perform better as the economy recovers further.
The Nasdaq has been under record-high pressure in mid-February as the reversal of technology and growth stocks rallied as bond yields rose in fear of inflation and rapid growth economic in 2021 after Congress’s $ 1.9 trillion fiscal shift. bile.
On Wednesday Congress finalized the sixth coronavirus relief bill and sent it to President Biden for signature, with Democrats introducing a broad round of payments to households, businesses and local governments without it. any Republican party support.
The bill’s move helped deliver another boost to stocks on Wednesday. Dow Jones industrial average DJIA,
rose 1.46% to 32,297.02, surpassing its previous record of nearly 31,961.86 that hit at the end of February. The Nasdaq Composite COMP,
slipped 0.04% to 13,068.83.
Equality market experts expect further spread from Wall Street pandemic winners in the Nasdaq to financial services and energy sectors.