The US stock market made a dubious distinction on Wednesday, with the Dow Jones industrial average finishing at an all-time high, while the Nasdaq Composite remained crammed into correction territory after falling in recent weeks by more than 10% of its record.
The Dow DJIA,
It also eliminated for the first time an important stage with the round number over 32,000.
The Dow did not hit a record high, while the Nasdaq Composite has been in correction territory since the boom and the August 23, 1999, according to Dow Jones Market data.
Nasdaq Composite,
officially entered correction on Monday, when the index fell 10.54% from its February 12 record, and many market technicians believe that an asset remains in correction until it reaches a new high. The Dow Jones considers that an asset comes out of the correction when it rises by at least 10% of its correction point.
The Dow rally was propelled by the Boeing Co. industry. BA,
pharmacy chain Walgreens Boots Alliance Inc. WBA,
and Home Depot HD home improvement chain,
benefiting from so-called reopening trade, as investors turn their attention from technology companies that did well during the pandemic to those that could perform better as the economy recovers. continuation.
The Nasdaq was under pressure from its record high in mid-February as technology turnover and growth stocks rose as bond yields rose due to fears of inflation and rapid economic growth in 2021, after Congress adopted a fiscal stimulus of $ 1.9 trillion bill.
On Wednesday, Congress finalized the adoption of the sixth coronavirus rescue bill and sent it to President Biden for signature, with Democrats including an extended round of payments to households, businesses and local governments without Republican support.
The adoption of the bill contributed to the increase in stocks on Wednesday. Dow Jones Industrial Average DJIA,
increased by 1.46% to 32,297, surpassing the previous record of 31,961.86 at the end of February. Nasdaq Composite,
decreased 0.04% to 13,068.83.
Capital market experts expect an additional turnaround from the winners of the Wall Street pandemic on the Nasdaq to financial services and energy stocks.