Day Traders Diary
The major averages recovered from the previous session's steep sell-off, as Amazon led shares of Big Tech higher. The S&P 500 closed 1.1% higher at 3,315. The Nasdaq Composite climbed 1.7% to 10,963. The Dow Jones Industrial Average advanced 140 points, or 0.5%, to 27,288.
Amazon shares rose 5.1% after a Bernstein analyst upgraded the e-commerce giant to buy from hold, noting the recent pullback offers an attractive "entry point" for investors. Facebook and Microsoft were both up more than 2% and Alphabet advanced 1.9%. Netflix gained 0.6%.
Traders also digested remarks by Federal Reserve Chairman Jerome Powell, who reiterated the central bank will support the economy "for as long as it takes." Powell added that, while the path forward "continues to be highly uncertain," economic activity has "picked up."
Tuesday's gains put the S&P 500 and Nasdaq on track to snap four-day losing streaks, the longest slides since February. The Dow was headed for its first daily gain in four.
The major average were lower earlier in the day after U.K. Prime Minister Boris Johnson announced further restrictions to curb the spread of the virus. He noted the country was at a "perilous turning point" and ordered bars and restaurants to close between 10 p.m. and 5 a.m. The restrictions also expand the list of places requiring people wear a mask.
U.S. Treasuries had another quiet session, finishing with small gains. The 2-yr yield declined one basis point to 0.13%, and the 10-yr yield declined one basis point to 0.66%. The U.S. Dollar Index gained 0.3% to 93.94. WTI crude futures gained 0.6%, or $0.25, to $39.55/bbl.
All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.