Stock market today February 23, 2021
February 23, 2021
Stock market today
Another mixed close for the US stock market today. Tech selloff continued, but at the close Nasdaq pared losses. Here are the closing numbers for the US stock market today.
S&P 500: 3,881.35,+4.85(+0.13%)
Dow 30: 31,535.44,+13.75(+0.04%)
Russell 2000: 2,237.04,-14.03(-0.62%)
Stock market news
“Stocks reversed earlier losses on Tuesday, and the S&P 500 and Dow traded higher.
The S&P 500 was on track to end a five-day losing streak, shaking off earlier losses. The Dow erased losses of as many as 360 points, or more than 1%, to push into positive territory Tuesday afternoon.
The Nasdaq, however, added to steep losses and dropped more than 2% at session lows before paring some declines, as investors rotated away from growth and tech shares. Shares of airlines, cruise lines, lodging companies and other service-based beneficiaries of a post-pandemic economic reopening added to Monday’s gains, and cyclical sectors including energy and financials were poised to outperform anew.
On Tuesday, Federal Reserve Chair Jerome Powell delivered his semiannual monetary policy testimony before the Senate Banking Committee, offering another update on his view for the path forward for monetary policy during and after the pandemic. In his remarks, Powell reaffirmed that the Fed was looking to maintain its current accommodative policy posturing for the time being, keeping benchmark rates near zero and asset purchases at the current pace of $120 billion per month.
“The economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved,” Powell said. “We will continue to clearly communicate our assessment of progress toward our goals well in advance of any change in the pace of purchases.”
Stock market data: Yahoo Finance