23 Dec, 2020 19:30 am

Nasdaq lags S&P, Dow as big tech weighs By Reuters

Nasdaq lags S&P, Dow as big tech weighs By Reuters
Nasdaq lags S&P, Dow as big tech weighs

The S&P index recorded 31 new 52-week highs and no new lows, while the Nasdaq recorded 241 new highs and one new low.FILE PHOTO: Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in New York By Devik Jain and Ambar Warrick (Reuters) -The S&P 500 and the Dow rose on Wednesday, while the Nasdaq lagged as investors shifted out of technology and into cheaper sectors that are poised to benefit from an eventual economic recovery."Either we'll get exactly what was passed, which is very positive for the economy, or we'll get something even bigger and the market likes it either way," said Thomas Hayes, managing member at Great Hill Capital Llc in New York.Ten of the 11 major S&P sectors were higher, with energy stocks rising the most as investors clung to hopes of a sooner-than expected economic recovery on the back of easy monetary policy, high liquidity and a COVID-19 vaccine program.

While the data painted a grim picture of the economy, major Wall Street indexes were still set to mark large annual gains on the back of unprecedented fiscal and monetary responses to the pandemic.3% after a deal to supply the United States with 100 million additional doses of its COVID-19 vaccine by July.

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