Wall Street's in a sunny mood Tuesday morning
On Monday, the Dow Jones Industrial Average DJIA, +0.61% rose 215 points, the S&P 500 SPX, +0.85% rose 0.9% to its second-highest level ever, and the Nasdaq Composite COMP, +1.55% jumped 1.6% to a fresh record high.Analysts said there wasn’t any singular development on Monday that led to the fresh advance on Wall Street.
“For now, dips continue to be shallow and rapidly bought into, with the 50-day moving average remaining well-defended by equity bulls, and the market printing new all-time highs with regularity,” said Michael Brown, senior market analyst at Caxton FX. There’s the looming Jackson Hole Fed gathering, in which Chair Jerome Powell will speak on Friday, and there was a report that Treasury Secretary Janet Yellen supports the reappointment of Powell to lead the central bank.
The U.S. Food and Drug Administration also gave its formal approval to the coronavirus vaccine made by Pfizer PFE, +2.48% and BioNTech BNTX, +9.58%, which immediately led the Pentagon and New York City schools to start requiring them. U.S. economic momentum has been faltering of late as the delta variant of coronavirus spreads, with the flash composite purchasing managers index released Monday showing a drop to an eight-month low in August.
The corporate and economics calendar for Tuesday is on the thin side, with new-home sales data due for release at 10 a.m. Eastern.
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