US stocks climb for a second straight dayBusiness | 22 Jul 2021 6:48 am
US stocks closed higher on Wall Street for a second straight day Wednesday following a sharp drop at the beginning of the week, AP reports.
The S&P 500 added 0.8 percent and is now on pace for a weekly gain. Technology stocks, banks and companies that rely on consumer spending helped drive the benchmark index’s advance. Energy stocks also gained as the price of U.S. crude oil marched 4.3 percent higher. Utilities and real estate stocks were among the decliners.
The market’s swift rebound from Monday’s sharp sell-off reflects investors’ tug-of-war as they factor in signs of economic growth as the economy reopens, strong corporate earnings and a recovering job market against the potential risks of rising inflation and the more contagious delta variant of the coronavirus disease.
The stock market has begun looking past the pandemic and toward what the recovery looks like, said Bill Northey, senior investment director at U.S. Bank Wealth Management.
“Now there is some degree of question: what is the pace, the degree of that economic recovery from here?” Northey said.
The S&P 500 gained by 35.63 points at 4,358.69. The Dow Jones Industrial Average added 286.01 points, or 0.8 percent, at 34,798, and the Nasdaq composite added 133.08 points, or 0.9 percent, at 14,631.95.
The Dow and Nasdaq have also recouped their losses from Monday’s sell-off.