Wall Street advances on recovery hopes, Nasdaq reaches new record
Wall Street’s three major indexes soared on Tuesday as improving economic data and the prospect of larger stimulus increased hopes of fast economic recuperation. More so, the Nasdaq reached another record high backed by a jump in technology shares.
The Dow Jones Industrial Average recorded a 0.5% jump while the S&P 500 closed its session with a 0.43% increase. The Nasdaq soared 0.74%, adding a total of 74.89 points to 10,131.37.
All indexes closed their sessions below their daily highs as the Nasdaq registered its fifth record high this month. This was mainly from a well-ended performance of technology-related shares led by Apple Inc, Amazon.com, and Microsoft.
Contraction in the U.S. manufacturing and services sectors was monitored at a much gradual pace in June. This could be attributed to businesses resuming operations after lockdowns were lifted. More so, new home sales advanced by 16.6% in May, surpassing its initial prediction of a 2.9% increase.