Tuesday Stock Market Update
The Dow Jones Industrial Average outperformed, while the S&P 500 and Nasdaq Composite fell on Tuesday.
- The Dow Jones Industrial Average gained 262.95, or 0.90 percent, to close at 29,420.92.
- The S&P 500 fell 0.14 percent to close at 3,545.53.
- The Nasdaq Composite fell 1.37 percent to close at 11,553.86.
Cyclical stocks continued to rally on hopes that a vaccine will be available in the near future. Stay-at-home stocks continued to sell-off.
“The leadership rotation away from technology and Fangs toward broader market plays including small caps, cyclical sectors and international stocks strengthened for a second consecutive day,” Jim Paulsen, chief investment strategist at the Leuthold Group said. “Since the vaccine announcement before yesterday’s open, investors have been selling ‘stay at home stocks,’ mostly technology and communications, and buying ‘economy re-opening stocks.’ The continuation of this trend today has only convinced more investors this new trend may persist.”
On Wednesday keep an eye out for:
- Lemonade Inc. (LMND), Novus Therapeutics (NVUS), Fossil Group Inc (FOSL) are reporting earnings.