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Nasdaq Closes at Record High as Tech Shines

Stock MarketsJun 22, 2021 04:08PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Nasdaq closed at a record highs Tuesday with big tech making strong gains as Federal Reserve Chairman Jerome Powell in testimony before Congress continued to downplay fears over the sharp pace of inflation. 

The S&P 500 rose 0.51%, the Dow Jones Industrial Average gained 0.20%, or 68 points, and the Nasdaq Composite was up 0.79% at 14,223.27.

Powell largely stuck to his prepared remarks in testimony before a House select subcommittee hearing on the Fed’s pandemic response and the economy, reiterating the rapid pace of inflation will fade and job gains will pick up in the coming months.

“[P]erhaps all of the overshoot in inflation comes from categories such as rising used car and trucks, airplane tickets, hotel prices that have been affected by the reopening of the economy," Powell said in response to questioning from lawmakers on whether inflation is transitory. These factors "will ultimately start to decline."

“[W]hile these effects have turned out to be larger than we expected, the incoming data are consistent with the view that these factors will wane over time,” he added.

Ahead of the speech, differing remarks from several Fed members – who lean dovish or hawkish – on how soon to rein in easy monetary policy measures have raised concerns over a possible growing divide among Fed members.

St. Louis Fed President James Bullard and Dallas Fed president Robert Kaplan signaled that tapering could come sooner rather than later. Meanwhile New York Fed President John Williams called for support to remain in place as the economy is still a ways off from achieving the Fed's goals.

Technology stocks benefited from the weakness in bond yields, with the United States 10-Year remaining below 1.5%.

Microsoft (NASDAQ:MSFT, Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB), Amazon.com (NASDAQ:AMZN) and Google-parent Alphabet (NASDAQ:GOOGL) were higher.

Alphabet pared intraday losses that followed reports that the EU launched a formal antitrust investigation into the company's core digital ad business. 

As well as falling yields, the broader tech sector was helped by a boost from semiconductor stocks, led by Nvidia.

Nvidia (NASDAQ:NVDA) ended up more than 2% higher after the chipmaker made further efforts to deter cryptocurrency miners from purchasing its chips to avoid the boom and bust demand cycle seen a few years ago when a sharp turn lower in cryptocurrency mining activity resulted in a chip supply overhang.

Some on Wall Street sees further gains for tech ahead, with quarterly results on the horizon.

"Overall we remain very bullish on tech stocks for 2H as robust June results and guidance around the corner will be another positive catalyst for the tech sector in our opinion," Wedbush said.

In cryptocurrency news, Bitcoin briefly fell below the $30,000 for the first since January, but bounced back as the popular crypto continues to search for meaningful support following its slump from $60,000 earlier this year.

Nasdaq Closes at Record High as Tech Shines
 

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Comments (10)
Rob Fordham
Rob Fordham Jun 22, 2021 9:01PM ET
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Serious question. Why are so many comments semmingly angry that market is doing well. Would you be happier if it was falling and people were losing their retirement i dont get the indignation
Nick Smith
Nick Smith Jun 22, 2021 9:01PM ET
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Because it will end badly and people will lose their retirement. If companies were doing well naturally, that would be fine. But money is being practically transferred to corporate coffers by the Fed.
Rob Fordham
Rob Fordham Jun 22, 2021 9:01PM ET
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Nick Smith that is simply not true. Amazon is not doing well? Nvda? Microsft? Aapl? These are serious companies with huge revenues and bigger potential. The fed is not doing that. Again i dont get it
Rob Fordham
Rob Fordham Jun 22, 2021 9:01PM ET
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Nick Smith and even if you are right this is the market we have. Its like a lot of things in life you can complain and say its not right or you can make the most of it. Invest now make the most of it and enjoy the ride or say its not right put your money in ur mattress and be bitter cause inflation eats it up. Your choice
Hape Fritt
Hape Fritt Jun 22, 2021 8:49PM ET
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The Federal Reserve was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law. It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. Why is even talking about economic goals? Congress is supposed to handle that. The Fed is supposed to be making sure a dollar is worth a dollar (or at least a solid 7 cents). But like everyone else says "Nothing to see here, all is well because we are geniuses. Little people need not worry".
Dave Jones
Dave Jones Jun 22, 2021 8:05PM ET
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everything is awesome
Karl Marx
Karl Marx Jun 22, 2021 6:56PM ET
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Rich getting richer, poor getting poorer. Inflation and tax hurt the lower and middle class, not the wealthy globalists who make their wealth through currency devaluation...their wealth grows in investments, not income. Politicians getting wealthy through slush funds. Plus, the starting salary in Congress is $170,000 + benefits. Nancy Pelosi has a net worth of over $150 million, including owning many properties and vineyard in her state of California while homeless people line the streets of her state.. Even Bernie Sanders owns three homes and made his entire wealth as a career-politician. This is what they do not teach their angry socialists they breed to push their agenda in the streets.
Limin Tandiono
Limin Tandiono Jun 22, 2021 6:56PM ET
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Is this call the Democracy?
YouTube Account
YouTube Account Jun 22, 2021 6:56PM ET
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Limin Tandiono  No, this is called Oligarchy.
Rob Fordham
Rob Fordham Jun 22, 2021 6:56PM ET
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If u are invested u got richer too just saying
MK MK
MK MK Jun 22, 2021 6:40PM ET
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Surely it is up. I trust much more Nvidia, Apple, Google than foolish yankies goverment, therefore USD.USD down to the ground, stock up to the moon. Like in a banana republic
Todd Gray
Todd Gray Jun 22, 2021 6:23PM ET
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What is tech but another middleman scalping huge profits off unnecessary services while employing the fewest number of people per every dollar earned. Tech is the largest security threat to the country and everyone who uses it. All production ceases when it fails, and it does that quite frequently. Soon, nobody will know how to do anything. And, mankind will lose the skills that have taken 10,000 years to obtain. And, that's just not sane.
Rob Fordham
Rob Fordham Jun 22, 2021 6:23PM ET
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Seroiosly u could have said the same about oil at the turn of the century but betting against it would not have been a good move
Gamer Turtle
GamerTurtle Jun 22, 2021 6:19PM ET
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US stock market does good during good years and does even better during bad years. lol. US companies valuation goes up when there are no customers or employees. lol.
Mitchel Pioneer
Mitchel Pioneer Jun 22, 2021 5:47PM ET
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NASDAQ closes at record high as the fraudulent intervention and criminal manipulation goes pedal to the metal.
Amine Fourali
Amine Fourali Jun 22, 2021 5:40PM ET
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Wedbush remains bullis…lol
hans gaaikema
hans gaaikema Jun 22, 2021 5:01PM ET
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powell selling a bunch off nonsense.
 
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