* Koss doubles in value; GameStop in volatile trading
* Lower yield after 10-year Treasury note auction
* Index up: Dow 1.67%, S&P 0.88%, Nasdaq 0.17% (House vote adds, comments)
March 10 (Reuters) – The S&P 500 rose on Wednesday and the Dow-chip Dow hit its highest level after tight consumer price data for February worried inflation and lawmakers gave final approval to one of the largest economic stimulus measures in U.S. history.
There was a shift into sectors such as energy and finance, both in small and large stocks, as investors pledged on consumer spending as the U.S. economy unveils its big technical names. promoting the rally from March last year.
Accelerated distribution of coronavirus vaccine and monster fiscal stimulus are on the horizon to bet on higher inflation, sparking a Treasury yield that pushed the Nasdaq down as much as 12% from its close February 12 record.
Meanwhile, Wednesday’s 10-year Finance note auction pushed $ 38 billion, met by low demand, yielding the benchmark to a session low of 1.506%.
The market seemed “undeveloped and Finance rallied but it was unlikely to boost technology (stocks),” said Mark Luschini, chief investment strategy at Janney Montgomery Scott.
Rising output has put pressure on technology sectors that rely on cheap funding for growth.
The U.S. Department of Labor released data that indicated a consumer price index, which excludes vulnerable items such as food and energy, rose less than expected last month.
Investors are shifting money from high-value technical stocks to other entities, such as energy and finance, which are undervalued and playing a better role in a world-class economy. post-COVID than is big technology, said Peter Tuz, president of Chase Investment Advisor in Charlottesville, Virginia.
“It’s happening very appropriately and getting started,” Tuz said. “That is definitely a terrible issue on the market at the moment and it may continue until these things run their course. “
The move away from Apple Inc, Amazon.com Inc, Facebook, Tesla and Microsoft Corp, all down the day, included a turnaround into small-cap stocks, which rose 2.0%, or doubled the benefits of the S&P 500.
Also helping build stocks are analysts who have raised their estimates for U.S. corporate profit this year after surprisingly strong fourth-quarter earnings and growing optimism about economic recovery.
By 2:41 pm ET (1941 GMT), the Dow Jones industrial average rose 531.85 points, or 1.67%, to 32,364.59, the S&P 500 gained 33.96 points, or 0.88%, to 3,909.4 and the Nasdaq Composite added 22.29 points, or 0.17 ris. %, to 13,096.11.
The Nasdaq extended gains in choppy trading after recording its best one-day percentage jump in four months on Tuesday.
The $ 1.9 trillion COVID-19 relief bill passed by the U.S. House of Representatives gave President Joe Biden his first major win in office.
Some of the $ 1,400 in payments going to most Americans could go to the stock market and could boost GameStop and other stocks that are popular with investors active sales in online social media forums.
Trading in GameStop was volatile with the stock at times to put the videogame vendor on track for the longest climb of daily profit in six months and extend an existing rally on the market value of the stock. to double company.
Among other “meme” stocks, Koss Corp rose 49%.
Forwarding cases higher than those of the NYSE with a 2.86-to-1 ratio; on Nasdaq, a 1.67-to-1 ratio of promoters was preferred.
The S&P 500 set up 47 new 52-week highs and no new levels; the Nasdaq Composite recorded 283 new heights and 19 new lights. (Reporting by Karen Pierog in Chicago, Herbert Lash in New York, and Medha Singh and Shashank Nayar in Bengaluru; Editing by Maju Samuel and Lisa Shumaker)