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US stocks continue to rise, driven by market optimism

25 Aug 2021 04:57 PM

Technology stocks pushed the Nasdaq index to a record high during Wednesday's trading, while a decline in healthcare shares and caution ahead of the Federal Reserve's annual seminar kept most markets quiet.

Health care, consumer goods and utilities stocks - sectors that stock exchange investors have usually considered safe bets - were among the biggest losers.

The Financial Index rose by 0.9%, while shares of Alphabet, Facebook, Tesla and Nvidia rose between 0.2% and 2.8%, providing the biggest boost to the Nasdaq.

The S&P 500 hit a record close of 50 this year on Tuesday as positive news about coronavirus vaccines raised hopes for a quick economic recovery after concerns about a rising delta variant triggered volatility in markets earlier this month.

The focus is now on the Federal Reserve's economic symposium at Jackson Hole later this week for views on when the central bank will begin to dial back its massive asset purchase program. Federal Reserve Chairman Jerome Powell will speak on Friday.

Progress on multi-trillion-dollar spending plans from the Biden administration was also on investors' radar after the US House of Representatives approved a $3.5 trillion budget framework and agreed to vote by September 27 on the Senate's $1 trillion infrastructure bill. dollar.

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