S&P 500 and DOW Steady, Buoyed by Bullish ADP News and Tech Stocks Earnings
The Dow Jones and S&P 500 edged marginally higher, keeping losses at check following upbeat news from economic data and Big Tech reporting better-than-expected quarterly earnings results. For this, while the markets remained directionless, gains in the labor and services sectors point to a solid base, a recovering economy after last year's across-the-board challenges.
Alphabet and Amazon both reported better than expected quarterly earnings results, coming at a time when the United States economic reports showed an improving labor market as the ADP—a precursor of what may lie ahead on Friday when the NFP report is announced and covers employment situation in the private sector, printed higher, surpassing expectations. At the same time, the US ISM non-manufacturing data topped economists' forecasts. Although the S&P 500 and the DOW gave up their gains in the late stages of the NY session, there are more upsides for tech stocks from now on as users assess their potential, possibly purchasing them at steep discounts.
Impact on Indices:
Bullish. The promise of better distribution of the coronavirus vaccine supports bullish market sentiment, explaining the overall confidence and expectation of higher highs in the future further emboldened by solid corporate earnings reports. This, investors hope, will trigger them to punch higher, rewinding shocks of late Jan 2021.
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