Feb. 24, 2021
Good evening everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market today (Wednesday, February 24, 2021).
All main indexes closed positive today, with the S&P 500 closing up 1.14%, the Dow Jones up 1.35% and the Nasdaq up 0.99%.
Why did the stock market move today?
Once again, answering to the U.S. Senate Banking Committee, Jerome Powell confirmed that the actual monetary policies will continue also in the near future. The Federal Reserve Chairman also appeared quite dismissive of any inflation concerns.
Rising interest rates was the major concern that caused investors to sell off during the week. Powell’s words therefore calmed down the growing fears that a near recovery of the economy would soon change the Fed’s policy.
Stock of the day
Symbol of high valuation in the tech sector, shares in Tesla (NASDAQ: TSLA) recovered some of the losses seen during the week, closing the day up 6.18 % today.
After the electric-vehicle maker said it had bought $1.5 billion bitcoin, the price of shares in Tesla often fluctuate along with the cryptocurrency.
That’s all for this Wednesday’s stock market update. Stay tuned to receive your daily update!