Dow Hits Record Highs as US Industrial, Leisure Stocks Rebound

NEW YORK (Sputnik) – The Dow Jones Industrial Average, Wall Street’s broadest equity value barometer, hit record highs on Wednesday, as industrial and leisure stocks previously battered during the height of the coronavirus pandemic in the United States rebounded amid falling infection numbers due to the huge vaccination drive against the virus.

The Dow closed up 0.3 percent, or 97 points, at 34,230, after a record high at 34,331. For the year, the index is up almost 12 percent.

The Dow’s record performance came after data on Wednesday showed the US private sector added 742,000 jobs in April, its most in seven months, as the economy rapidly recovers from the ravages of the COVID-19 pandemic.

Data also showed that the United States has administered 248 million COVID shots to date, with 106 million Americans, or 32.3 percent of the population, now fully immunized from the virus.

The S&P 500 index, which groups the top 500 stocks on the New York Stock Exchange, rose less than 3 points, or 0.1 percent, to settle at 4,168.

Tech stocks, measured by the Nasdaq Composite index, fell for a fourth day in a row as investors rotated out of so-called growth stocks into value stocks that included industrial and leisure names.

The Nasdaq, which includes big tech names such as Facebook, Amazon, Apple, Microsoft and Google, lost 51 points, or 0.4 percent, to close at 13,582 on Wednesday. It has lost 500 points, or 3.6 percent, over the past four days.

Sourse: sputniknews.com