Wall Street Close: S&P 500 lifted by strong bid in AAPL and vaccine hopes
|- The Dow Jones Industrial Average DJI climbed 321.54 points or 1.16%.
- The S&P 500 added 42.29 points, or 1.27%.
- the Nasdaq composite put on 203.11 points, or 1.87%.
Wall Street offered a healthier performance to start the week with there being signs of progress in developing a COVID-19 vaccine and a spurt of multibillion-dollar deals lifted investor optimism.
The news helped the benchmarks to come off of two straight weeks of losses following the sell-off in the heavyweight tech sector that has otherwise been the foundations for the record highs reached earlier this year.
Today, all of the S&P 500 sectors were higher, and tech heavyweight Apple Inc AAPL gave the S&P 500 its biggest boost.
Meanwhile, the Dow Jones Industrial Average climbed 321.54 points or 1.16%, to27,987.18, the S&P 500 added 42.29 points, or 1.27%, to 3,383.26 and the NasdaqComposite put on 203.11 points, or 1.87%, to 11,056.65.
Later this week, investors will focus on the Federal Reserve's last policy meeting which will be the first time since it updated its long-run goals for monetary policy and confirmed it is moving to an average 2% inflation target.
However, we do not expect any hard policy changes to be announced this week as the Fed works on the best way to implement strategy to achieve its inflation goal. It is likely that the FOMC statement will be upgraded to reflect the new strategy, forming the basis of a progression in forward guidance. The market continues to assess the FX impact of the Fed’s updated strategy, which seems to have left the USD on the back foot throughout the trading day,
analysts at ANZ Bank explained.
S&P 500 levels
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