U.S. Stocks Dow Jones Index Surged 464 Points

The Dow Jones Index rose 464 points and closed above 32,000 for the first time. The latest data show that inflation is moderate, the House of Representatives passed a $1.9 trillion revitalization plan, energy, financial and other business cycle stocks are on the rise, and technology stocks are relatively weak.

The Dow Jones Industrial Average rose almost all the way throughout the day, with a strong rise of 464.28 points, or 1.46%, to close at 32297.02 points. The Standard & Poor’s 500 index rose 23.37 points, or 0.6%, to close at 3898.81 points. The Nasdaq Composite Index, which is dominated by technology stocks, fell 4.99 points, or 0.04%, to close at 13,068.83 points.

The Nasdaq index rose nearly 3.7% yesterday, its best performance in four months. It rose more than 1.5% in early trading today, and then turned around to pull back, continuing the recent pattern of divergence between technology stocks and cyclical stocks.

Energy stocks in the S&P 500 index that are closely linked to the economy rose 2.6%, while financial and materials stocks rose 1.9% and 1.6%, respectively, making them the three best-performing groups. Technology stocks are relatively lonely, with an overall decline of 0.4%.

Apple’s (Apple) share price fell 0.9%, not seeing the momentum that rose more than 4% yesterday. The electric car maker Tesla (Tesla) shares fell 0.8%. Yesterday’s rise was almost as high as the 20% rebound.

The Philadelphia Semiconductor Index fell 1.8%, failing to continue the trend that rose more than 6% yesterday. TSMC’s American Depositary Receipts (ADR) fell 2.2%.

The Dow Jones index has expanded to 5.5% since the beginning of the year, while the S&P 500 has increased by 3.8% over the same period. The Nasdaq Index closed at an all-time high on February 12 and then retreated. It has fallen into a correction this week and has risen 1.4% since the beginning of the year.

 

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