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US stock indices post unprecedented growth


US stock exchanges closed this session with gains, posting record-breaking results. Thus, the S&P 500 index increased by 0.15% and reached a new high of 4,486.23. The NASDAQ Composite rose by 0.52% to 15,019.8. The Dow Jones Industrial Average showed moderate growth compared to other indices, moving higher by 0.09% to 35,366.26.

Several factors have influenced investors' behavior. The authorization to use Pfizer and BioNTech's coronavirus vaccine gave traders confidence that higher vaccination rates will help reduce the negative impact of the new coronavirus wave on the global economy.

Another positive factor is upbeat corporate reports for the second quarter of 2021 which demonstrate an economic recovery. Thus, more than 90% of the companies whose securities are included in the S&P 500 index have already published their quarterly reports and showed that their profits increased by 94.7%.

New home sales in the United States edged higher by 1% over the previous month. This indicator rose for the first time in several months. Nevertheless, experts predicted a larger increase of 3.6%.

Investors are also waiting for a speech by the US Federal Reserve Chairman at an economic forum later this week to see how soon the US central bank will begin to roll back its bond buying program.

Among the components of the Dow Jones index, the largest growth was performed by Dow Inc. and The Goldman Sachs Group. Their shares went up by 1.9% and 1.8% respectively.

Among the companies included in the S&P 500 Index, shares of oil and gas companies rose more than others. Their value increased following the trajectory of oil which advanced by 3.3%, to $71.05 per barrel.

Palo Alto Networks shares climbed by 18.6% on positive quarterly results. Best Buy Co. also showed a large increase of 8.3% since the company's profit turned out to be above expectations. CrowdStrike Holdings added 8.1% on positive news that the stock will be included in the NASDAQ 100 index calculation.

Meanwhile, 10-year Treasury yields rose to 1.289% on from 1.254% on Monday.

The material has been provided by InstaForex Company -