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2021.02.10 10:59 GMT+8

Nasdaq edges to record, extending rally

Updated 2021.02.10 10:59 GMT+8
CGTN

A sign for Wall Street hangs near the New York Stock Exchange, January 4, 2021. /VCG

The Nasdaq edged to a fresh record again on Tuesday, extending a bull run for markets buoyed by rising hopes for fiscal stimulus and expectations of a strong economic rebound.

Investors remained optimistic about additional government spending and U.S. President Joe Biden met with the CEOs of JPMorgan Chase, Walmart and other companies to build support for his $1.9-trillion rescue plan.

The Dow Jones Industrial Average was essentially flat, dipping less than 0.1 percent to end at 31,375.83, retreating slightly from an all-time high set on Monday.

The broad-based S&P 500 slipped 0.1 percent to 3,911.23, also sinking just below Monday's record.

But the tech-rich Nasdaq Composite Index gained 0.1 percent to 14,007.70, ending at a record for the fourth straight day.

Besides stimulus expectations, the market also has been boosted by progress on coronavirus vaccines that have raised hopes for earnings growth in 2021 and beyond.

"Indeed the good times are rolling in the capital markets, which are acting as if they have more money than they know what to do with, so they just keep doing what's been working: putting money to work in risk assets," said Briefing.com analyst Patrick O'Hare.

Among individual companies, Electronic Arts gained 2.6 percent after announcing a $2.1-billion deal by smartphone-focused game studio Glu Mobile.

Another video game developer, Take-Two Interactive Software, fell by 6.1 percent as analysts pointed to uncertainty over the company's outlook for its 2022 fiscal year.

Source(s): AFP
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