The Bulls and the Bears Fight For their Mark on Wall Street
March 27 2021 - Team Stockal
Is it over for the tech giants of 2020?
U.S. stocks hit a vortex of volatility as markets rallied constant upswings and downswings for the week. Technology stocks continue to make losses as the riders of 2020 lose investor confidence, and higher bond yields continue to lure investors away from the equity market and closer to the bond market.
Investor fervour has been settled in recent days as the U.S. receives mixed signals from different parts of the economy. While the government’s Covid-19 relief spending and the rollout of vaccines is helping stimulate the economy and is creating a demand for products, the rising fears of inflation and growing interest rates despite Fed’s promises to keep interest rates at the minimum are holding investors at bay.
For the week, while S&P 500 (GSPC) and the Dow Jones Industrial Average (DJIA) made a gain of 1.57% and 1.36% respectively, the Nasdaq Composite (IXIC) faced a muted loss of 0.58% as investors draw away from tech-stock shopping.
In other news, data showed that jobless claims last week fell to their lowest levels since the onset of the pandemic. The number of Americans applying for first time unemployment benefits dropped to 684,000 last week, down from 781,000 in the week before the last.
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