Tuesday’s tame stock market was the result of traders taking a break after Wall Street’s strong November rise.
The Dow Jones Industrial Average gained 63 points, or 0.2%, while the S&P 500 increased by a meagre 0.3%. With a 0.8% increase, the Nasdaq Composite performed better.
Technology stocks rose as yields declined; the 10-year Treasury note’s yield was last trading at 4.595%, down around 7 basis points. Among the big gainers were Advanced Micro Devices, Microsoft, and Amazon, which each saw a 1% increase. Datadog had one of its finest days ever, rising 24%, following its best-ever quarterly results and optimistic outlook.
The managing director of Morgan Stanley Investment Management continued, “We could see some consolidation because of the huge increase last week, but the S&P is still at 4,370, so I still think there’s good potential towards year end.” On Monday, stocks managed to climb, with the tech-heavy Nasdaq recording its first positive session in seven straight for the first time since January. For the sixth straight session, gains were seen in the 30-stock Dow and the S&P 500.
Source (CNBC)
