US stocks benefit from the risk sentiment ignited by the renewed confidence in the expected $900 billion stimulus package.
Similarly, the decision from the Federal Reserve’s latest policy meeting added support. The central bank announced that it is keeping its rates in the status quo.
It currently adopts 0 to 0.25% rates, adopted since March. This is likely to cap slightly until 0.1% through 2023.
According to Jerome Powell, the decision came as the country’s growth rate slowed in the past months, undermined by the rising number of coronavirus cases across key states.
Such a strategy is expected to keep the economy afloat in the coming years, combined with various other mechanisms such as lending schemes and stimulus cushion, among others.
With this, the majority of Wall Street’s major indices benefited and technology stocks led today’s gains.
The Dow Jones Industrial Reserve settled with a 0.16% fall to 30,154.54 points. Nevertheless, ascending stocks weigh more than the declining ones in today’s session.
The best performers on the DJIA include the Microsoft Corporation, which added 2.35% for the day.
The rally came after Amazon.com filed for another motion to investigate its bid on Pentagon’s JEDI cloud contract, which is believed to be worth $10 billion.
The e-commerce giant noted that the DoD’s decision came with a bias, benefiting from its connection with the former president of the state.
In response, Microsoft noted that the decision came as it possesses greater technology leverage combined while having the best price, making it the fittest candidate for the contract.
Other firms making advances on the Dow include other tech firms, including Salesforce.com and Intel, which added 1.58% and 0.90%, respectively in today’s late trade.
The Nasdaq Gains Anew
Consequently, the other two Wall Street indices managed to clinch gains as the S&P 500 added 0.19% or 6.55 points. The Nasdaq Composite closed with a 0.57% hike, up by more than 63 points for the day.
Today’s gains in the technology-driven index are led by medical and healthcare-related stocks. They are influenced by the developments in vaccination across the country.
The firm which made the biggest leap in the Nasdaq today is NXT-19, with an NXTD code in the index.
The provider of tech products and services for healthcare applications managed to clinch an 88.68% gain. It settled to trade at $0.9196 per share.
Similarly, Aethlon Medical and Diginext Ltd also recorded impressive strides for the day after adding 38.89% and 36.31% respectively.
- Trading Instrument