The U.S. stock market made a dubious distinction on Wednesday with the Dow Jones industrial average ending at an all-time high, while the Nasdaq Composite remained in the right ground after falling more than 10% of its record in recent weeks .
The Dow DJIA,
also reached a major milestone with more than 32,000 for the first time.
The Dow did not reach a record high, while the Nasdaq Composite has been in the right territory since about the point surge on August 23, 1999, according to Dow Jones Market Data.
The Nasdaq Composite COMP,
officially corrected on Monday when the index was 10.54% lower than its record high on February 12, and many market technicians consider an asset to remain right until it reaches a new high. Dow Jones considers an asset a correction if it climbs at least 10% of its low for correction.
The Dow Rally is powered by Boeing Co., BA,
pharmacy chain Walgreens Boots Alliance Inc. WBA,
and home improvement chain Home Depot HD,
which benefited from the so-called reopening, as investors shift their focus from technology companies that performed well during the pandemic to those that can perform better if the economy recovers further.
The Nasdaq has been under pressure since its record high in mid-February as technology and growth exchanges accelerated as yields rose for fear of inflation and rapid economic growth in 2021, after Congress passed a $ 1.9 billion fiscal stimulus had. account.
On Wednesday, Congress finalized the adoption of the sixth coronavirus bill and sent it to President Biden for his signature, with Democrats including an extensive round of payments to households, businesses and local governments without any support from the Republican Party.
The approval of the bill on Wednesday gave a further boost to the shares. The Dow Jones Industrial Average DJIA,
rose 1.46% to 32,297, surpassing the previous record of 31,961.86 at the end of February. The Nasdaq Composite COMP,
slipped 0.04% to 13,068.83.
Stock market experts expect Wall Street’s pandemic winners in the Nasdaq to turn further to financial services and energy stocks.