Summary List Placement
US stocks eked minor gains on Tuesday as investors bet on stimulus and COVID-19 vaccines to fuel a swift economic rebound.
Still, stocks’ lofty valuations dragged on sentiments. Facebook and Twitter tumbled for a second straight day after both companies banned President Trump for his role in last week’s Capitol riots.
Bitcoin recovered slightly from its Monday nosedive but remains well below the records it hit last week.
Oil prices gained as the US dollar weakened against currency peers. West Texas Intermediate crude rose as much as 1.9%, to $53.28 per barrel.
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US stocks gained slightly on Tuesday as stimulus and vaccine hopes slightly outweighed concerns over the latest developments in Washington.
Hopes for widespread vaccination and Biden-backed stimulus continue to lock horns with stocks’ lofty valuations. Fallout from last week’s violent riots at the Capitol continues to weigh on market sentiments and social-media stocks. Democrats are set to vote to impeach President Donald Trump for inciting the insurrection on Wednesday.
Energy and materials stocks led the S&P 500 to its mild gain. Health care stocks sank, as did the communications companies that led Monday’s decline.
Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:
S&P 500: 3,801.19, up 0.04%
Dow Jones industrial average: 31,068.69, up 0.19% (60 points)
Nasdaq composite: 13,072.43, up 0.28%
Read more: A leading Wall Street firm asked 7 famous investors about their favorite stocks and the global trades they’re using to stay ahead of the competition. Here’s what they’re betting on now.
Shambolic vaccine distribution across the US has also cut into some investors’ recovery outlooks. CNBC reported Tuesday morning that the Trump administration will issue updated vaccination guidance that expands eligibility to everyone 65-years-old and older. The move comes after some states discarded vaccines instead of using them on ineligible populations.
“Vaccine rollouts have been messy, but as more vaccines get regional approval, risk appetite is thriving as we get closer to the other side of COVID,” Edward Moya, senior market analyst at Oanda, said.
The mild uptick comes after stocks stumbled to start the week. Equities fell from record highs on Monday as investors weighed the impact of an impeachment vote and stretched valuations. Facebook and Twitter dragged on major indexes as investors balked at the …read more
Source:: Business Insider