Wall Street’s three major indexes closed higher on Tuesday as improving economic data and the prospect of more stimulus bolstered hopes of a swift recovery
- , while a jump in technology shares powered the Nasdaq to another record high.
“It’s reinforcing views that equities can continue to advance even though there’s a fair amount of economic damage that’s going to loiter for some time to come, such as elevated unemployment readings and the slow recovery in travel, leisure and entertainment industries.” Earlier in the day White House economic adviser Lawrence Kudlow said tax rebates and direct mail checks are on the table in the next coronavirus relief bill.
The defensive utilities, real estate and consumer staples sectors slipped as investors felt more comfortable taking riskier bets. Earlier global equity markets had shown some relief from U.S. President Donald Trump’s assurance that the Phase 1 trade agreement with China was “fully intact” after adviser Peter Navarro sparked confusion by saying the deal was over.
Advancing issues outnumbered declining ones on the NYSE by a 1.53-to-1 ratio; on Nasdaq, a 1.22-to-1 ratio favored advancers.
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