{"id":197191,"date":"2021-03-08T23:18:02","date_gmt":"2021-03-08T20:18:02","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/stocks-surge-tech-lags-after-senate-clears-stimulus-bill\/"},"modified":"2021-03-08T23:18:02","modified_gmt":"2021-03-08T20:18:02","slug":"stocks-surge-tech-lags-after-senate-clears-stimulus-bill","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/stocks-surge-tech-lags-after-senate-clears-stimulus-bill\/","title":{"rendered":"#Stocks surge, tech lags after Senate clears stimulus bill"},"content":{"rendered":"

“#Stocks surge, tech lags after Senate clears stimulus bill<\/strong>”<\/p>\n

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The Dow Jones industrial average crossed the 32,000 mark for the first time to hit a record high after the Senate cleared a stimulus bill to boost the economy\u2019s recovery from the coronavirus crisis.<\/p>\n

The blue-chip index climbed more than 2 percent, or 651.74 points, on Monday to an intraday record of 32,148.04 following the Senate\u2019s Saturday passage of President Biden\u2019s $1.9 trillion spending plan.<\/p>\n

The S&P 500 also jumped as much as 1 percent as the House prepared to vote on the COVID-19 relief bill this week. Materials, industrials, utilities and financials led the benchmark index, which traded below the all-time record it hit last month.<\/p>\n

\u201cNow you have a scenario in which the market is broadening,\u201d Quincy Krosby, chief market strategist at Prudential Financial, told The Post. \u201cEvery positive data release on the vaccine campaign, for example, becoming more successful, this $1.9 trillion [bill] \u2014 all of this underpins that the economy is normalizing.\u201d<\/p>\n

But the tech-heavy Nasdaq slid as much as about 1.6 percent in a choppy session as the prospects for an economic reopening and rising bond yields put pressure on Silicon Valley stocks. <\/p>\n

All of the so-called FAANG tech names \u2014\u00a0Facebook<\/a>, Amazon, App<\/a>le, Netflix and Google parent Alphabet \u2014\u00a0were trading in the red Monday afternoon, as were companies that have benefited from COVID-19 lockdowns, such as Zoom and Peloton.<\/p>\n

\u201cThis market still seems to be in the \u2018disbelief\u2019 phase that is characteristic of early on in a corrective pattern and I would expect further downside for technology<\/a> and related names to unwind the euphoric sentiment in recent months,\u201d said David Keller, chief market strategist at Stockcharts.com.<\/p>\n

The rally in other sectors suggested that Wall Street\u2019s fears about rising yields for US government bonds were starting to wane even with the feds set to inject another load of money into the economy.<\/p>\n

\"President
President Biden\u2019s $1.9 trillion spending plan passed the Senate on Saturday.<\/figcaption>
The Washington Post via Getty Im<\/span><\/figcaption><\/figure>\n

Yields for Treasury bonds, which move inversely to price, have climbed in recent weeks amid concerns about the coronavirus stimulus spending boosting inflation. Treasury Secretary Janet Yellen shrugged off those fears Monday, saying she did not think the latest package would drive up consumer prices.<\/p>\n

\u201cThis is a bill that will really provide Americans the relief they need to get to the other side of this pandemic,\u201d Yellen said in an MSNBC interview.<\/p>\n

Billionaire hedge-fund titan David Tepper also appeared to soothe Wall Street\u2019s nerves by saying he thought the recent surge in bond yields would soon stabilize, making it \u201cvery difficult to be bearish\u201d on stocks.<\/p>\n

Jim Paulsen, chief investment strategist at the Leuthold Group, agreed that bond yields will likely take a breather in the near term, though they could climb further later this year.<\/p>\n

\u201cHigher yields might start to have people rethinking how much they have in bonds or not,\u201d Paulsen told The Post. \u201c\u2026 Some may go, \u2018Man, this is the highest yields I\u2019ve seen in months.\u2019 It might attract some buyers.\u201d<\/p>\n

With Post wires<\/em>\n <\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Stocks surge, tech lags after Senate clears stimulus bill” The Dow Jones industrial average crossed the 32,000 mark for the first time to hit a record high after the Senate cleared a stimulus bill to boost the economy\u2019s recovery from the coronavirus crisis. The blue-chip index climbed more than 2 percent, or 651.74 points, on…<\/p>\n","protected":false},"author":1,"featured_media":197192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/stock-market-relief-package19.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[96730,73977,72388,70359,70360],"class_list":["post-197191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-3-8-21","tag-dow-jones-industrial-average","tag-stock-market","tag-stocks","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/197191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=197191"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/197191\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/197192"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=197191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=197191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=197191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}