Stock market today
A higher close for the US stock market today after yesterday’s selloff. Tech stocks rebounded and Nasdaq outperformed. The closing numbers for the US stock market today follow.
S&P 500: 4,345.72,+45.26 (+1.05%)
Dow 30: 34,314.67,+311.75 (+0.92%)
Nasdaq: 14,433.83,+178.35 (+1.25%)
Russell 2000: 2,228.36,+10.89 (+0.49%)
Stock market news
“Stocks advanced on Tuesday as technology stocks recouped some losses from Monday, when a rotation away from growth names picked up steam as concerns over inflation lingered.
The Nasdaq Composite gained 1.3% in its best day since August, after the index dropped over 2% a day earlier. The S&P 500 and Dow also closed higher.
Shares of technology heavyweight Facebook (FB) recovered and rose by 2.1% in its best day in five weeks. The stock had shed nearly 5% at the start of the week, as an hours-long platform outage added to a string of negative coverage raising further scrutiny of the social media giant.
Equity markets have faced a slew of concerns about the economy and policy landscapes heading into the final quarter of the year. Wall Street’s anxiety over the debt-limit debates in Washington increased further, with Democratic and Republican lawmakers still struggling to reach an agreement to raise the federal government borrowing limit and avert what some policymakers have warned would be economy-wide disaster as soon as mid-month.
Investors are also awaiting signals from individual companies over how they have navigated supply chain challenges, rising labor costs and other pandemic-related pressures over the past several months, with third-quarter earnings season due to begin in earnest next week.
“The growth scare probably happened, and we’ve seen a better alignment of expectations for higher inflation and lower growth. But where earnings come into play … is that we’re still going to have pockets of really high price pressure that are going to make business hard for select areas,” Francis Donald, Manulife Global chief economist, told Yahoo Finance.”