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Dow Ends 550 Points Higher as Rotation Into Cyclical Stocks Picks Up Pace


Thursday, 28 May 2020 03:21 WIB

DOW JONESS & P 500SahamASNasdaq Composite


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Stocks ended sharply higher Wednesday, with the Dow Jones Industrial Average closing back above the 25,000 level and the S&P 500 ending above 3,000 as the industrial and financial sectors led the way.

The move continued a rotation that has seen investors move into stocks that are more closely tied to the economic cycle, leaving shares of tech companies, which were seen holding up best during the COVID-19 lockdowns, lagged behind.

The Dow Jones rose around 553 points, or 2.2%, to end near 25,548, according to preliminary figures, while the S&P 500 advanced around 44 points, or 1.5%, to close near 3,036. The tech-heavy Nasdaq Composite ended near 9,412, a gain of around 72 points, or 0.8%. Financials were the strongest gainer of the S&P 500's 11 sectors, rising 4.3%, followed by industrials, which rose 3.3%. The information technology and and communications services sectors were laggards, each rising 0.5%.

Source : Marketwatch


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