2 September 2020 Comments Off

Stocks finished higher on Tuesday, led by materials and information technology companies.

Stocks finished higher on Tuesday, led by materials and information technology companies.
The Dow and the res U.S. stock market rose to start September, led by surging tech and materials shares.

All of Wall Street’s major indices reported gains, with the Dow Jones Industrial Average (DIA) advancing 216.50 points, or 0.8%, to 28,646.45.

The broad S&P 500 Index (SPY) of large-cap stocks jumped 0.8% to close at 3,826.68, a new all-time high.

Gains were concentrated in five of 11 primary sectors, with materials leading the charge. Information technology likewise exceeded the more general market, as did communication services and discretionary shares.

On the opposite side of the ledger, utilities, energy and healthcare companies declined sharply.

Meantime, the technology-focused Nasdaq Composite Index (QQQ) climbed 1.4% to 11,939.67, a new peak.

A standard of implied volatility recognised as the CBOE VIX (VXX) was back on the defensive Tuesday but continued to trade well above the historical average. VIX traded between 25.02 and 26.59 on a scale of 1-100 where 20 represents the long-term mean. It settled down 2.1% at 25.86.

In data news, U.S. manufacturing conditions improved in August, offering yet another sign that the economy was recovering. The Institute for Supply Management’s manufacturing purchasing managers’ index rose to 56 in August from 54.2 the month before.

Construction spending edged up 0.1% in July, the Commerce Department reported. Analysts were forecasting a monthly gain of 1%.

The Final Word: The Federal Reserve continues to prop up the financial system with zero interest rates and record liquidity. With policymakers eyeing higher inflation, zero-bound interest rates will be a reality for the foreseeable future.

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