Wall St closes higher as investors return to megacap stocks
By David French
Mon July 22, 2024 4:43 PM
Except for a big dip on all three indexes between 11 a.m. and 1 p.m., during which time the Dow went from a +200 to zero (with no explanation in the article), it was a day when the flight from tech to small cap industrials ended and investors decided to start buying megacap techs with a vengeance again. Heavy hitters Google, Meta, Tesla, and Nvidia all advanced 2-5% with the overall IT index advancing 2%. Part of the rally was unwinding bets on a Trump victory now that Biden has withdrawn. Investors and economists have always seen a Trump victory as raising inflationary and fiscal risks. The betting site PredictIt has lowered bets on Trump’s chances by 4 cents (today at 60 cents) and increased Harris’ by 12 cents (at 39 cents.) Next up this week are Q2 reports from Alphabet and Tesla. Volume remains below average at 10.95 billion.
DJ: 40,287.53 -377.49 NAS: 17,726.94 -144.28 S&P: 5,505.00 -39.59 7/19
DJ: 40,415.44 +127.91 NAS: 18,007.57
+280.63 S&P: 5,564.41
+59.41 7/22
Mon 7-22-24 4:43 pm Wall St closes higher as investors return to megacap stocks | Reuters
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