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U.S. stocks made modest gains on Wednesday after recent comments from the Fed somewhat eased concerns of rising inflation and kept Treasury yields in check. Also, investors shifted focus toward reopening stocks that helped the broader market. All the three major indexes made marginal gains to end in positive territory
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) advanced 0.1% or 10.59 points to finish at 34,323.05, after trading between small gains and losses throughout the day.
The S&P 500 rose 0.2% or 7.86 points to close at 4,195.99 points, helped by consumer discretionary and energy stocks. The Energy Select Sector SPDR (XLE) and the Consumer Discretionary Select Sector SPDR (XLY) gained 0.9% and 1%, respectively. Eight of the 11 sectors of the benchmark index closed in positive territory.
The fear-gauge CBOE Volatility Index (VIX) was down 7.86% to 17.36. A total of 9.83 billion shares were traded on Wednesday, lower than the last 20-session average of 10.43 billion. Advancers outnumbered decliners on the NYSE by a 2.11-to-1 ratio. On Nasdaq, a 2.95-to-1 ratio favored advancing issues.
Inflation Worries Ease
Concerns of rising inflation and how the Fed handles its policies are being blamed for the stock market volatility for the past week. Investors are feeling jittery which has been taking a toll on stocks. The worries somewhat eased on Wednesday, with 10-year Treasury yields staying lower on the week at 1.57%. Bond yields have surprisingly been in check despite data released earlier this month showed that consumer-price index rose 4.2% year over year in April.
This somewhat helped stocks made moderate gains although investors are likely to remain concerned at least till Friday when the personal consumption expenditure index, the Fed measure of inflation, is released.
Reopening Stocks Help Markets
As inflation worries eased, investors shifted focus toward stocks that might benefit from the economic reopening. Retailers, travel and leisure companies along with some growth stocks gained during Wednesday’s trading session, leaving the indexes not far from their all-time highs.
Also, declining COVID-19 cases that has now fallen below 25,000, along with the mass vaccination drive has been giving a boost to investors’ confidence.
No economic data was released on Wednesday.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency have sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
Image: Bigstock
Stock Market News for May 27, 2021
U.S. stocks made modest gains on Wednesday after recent comments from the Fed somewhat eased concerns of rising inflation and kept Treasury yields in check. Also, investors shifted focus toward reopening stocks that helped the broader market. All the three major indexes made marginal gains to end in positive territory
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) advanced 0.1% or 10.59 points to finish at 34,323.05, after trading between small gains and losses throughout the day.
The S&P 500 rose 0.2% or 7.86 points to close at 4,195.99 points, helped by consumer discretionary and energy stocks. The Energy Select Sector SPDR (XLE) and the Consumer Discretionary Select Sector SPDR (XLY) gained 0.9% and 1%, respectively. Eight of the 11 sectors of the benchmark index closed in positive territory.
The tech-heavy Nasdaq added 0.6% or 80.82 points to close at 13,738 points. Shares of Alphabet, Inc. (GOOGL - Free Report) and Netflix, Inc. (NFLX - Free Report) gained 0.7% and 0.2%, respectively. Alphabet sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The fear-gauge CBOE Volatility Index (VIX) was down 7.86% to 17.36. A total of 9.83 billion shares were traded on Wednesday, lower than the last 20-session average of 10.43 billion. Advancers outnumbered decliners on the NYSE by a 2.11-to-1 ratio. On Nasdaq, a 2.95-to-1 ratio favored advancing issues.
Inflation Worries Ease
Concerns of rising inflation and how the Fed handles its policies are being blamed for the stock market volatility for the past week. Investors are feeling jittery which has been taking a toll on stocks. The worries somewhat eased on Wednesday, with 10-year Treasury yields staying lower on the week at 1.57%. Bond yields have surprisingly been in check despite data released earlier this month showed that consumer-price index rose 4.2% year over year in April.
This somewhat helped stocks made moderate gains although investors are likely to remain concerned at least till Friday when the personal consumption expenditure index, the Fed measure of inflation, is released.
Reopening Stocks Help Markets
As inflation worries eased, investors shifted focus toward stocks that might benefit from the economic reopening. Retailers, travel and leisure companies along with some growth stocks gained during Wednesday’s trading session, leaving the indexes not far from their all-time highs.
Also, declining COVID-19 cases that has now fallen below 25,000, along with the mass vaccination drive has been giving a boost to investors’ confidence.
No economic data was released on Wednesday.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency have sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>