Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

S&P 500 Closes at Record as Bulls Sidestep Vaccine Setback Ahead of Earnings

Stock MarketsApr 13, 2021 04:15PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Yasin Ebrahim

Investing.com – The S&P 500 closed at record highs on Tuesday, shrugging off a vaccine setback as reopening stocks cut some losses and tech rallied ahead of the start of quarterly earnings season.  

The S&P 500 rose 0.33%, to a close at a record high of 4,141.59, the Dow Jones Industrial Average fell 0.2%, or 68 points, but had been down more than 100 points intraday, and the Nasdaq Composite was up 1.05%.

U.S. health authorities halted the use of Johnson & Johnson (NYSE:JNJ)'s Covid-19 vaccine after reports that recipients experienced rare blood clotting within 6 to 13 days after receiving the single-shot inoculation.

The Food and Drug Administration said the probe into the blood clots is expected to last for "a matter of days." The U.S. drug watchdog confirmed that they haven't seen the blood clots from recipients of the Pfizer (NYSE:PFE) or Moderna (NASDAQ:MRNA) vaccines.

President Joe Biden, however, said the U.S. has enough vaccine "for every single solitary American," despite the setback. 

Reopening stocks – those tied to the progress of the economic reopening – like cruise lines, hotels and airlines recovered some their losses 

Weaker guidance from American Airlines (NASDAQ:AAL) soured the sentiment on the broader sector somewhat as the airline forecast wider-than-expected losses for Q1.

The vaccine rollout is pivotal to ensuring the consumer, the backbone of the U.S. economy, feels safe and confident to return to spending.

"The data that I've seen points to consumer balance sheets being in the best shape, they've been in for many years," Eric Diton, president and managing director at The Wealth Alliance, said in a recent interview with Investing.com. "I don’t think there is a risk that the consumer is going to disappoint," Diton added.

Technology helped to push the broader market to record highs as investors continue to back megacap growth in the run up to quarterly earnings later this month.

Google-parent Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) closed in the green. Facebook (NASDAQ:FB) slipped to close lower on the day.

A fall in U.S. bond yields, which trade inversely to prices, also supported investor sentiment on growth stocks despite the latest data showing an uptick in inflation.

The U.S. consumer price index rose by 0.6% in March, topping economists' expectations for a 0.5% increase, according to data released by the Bureau of Labor Statistics Tuesday.

"One strong month is just a rebound, but we expect further outsized gains as the economy reopens," Pantheon Macroeconomics said in a note.

Major Wall Street banks were lower ahead of quarterly earnings from JPMorgan (NYSE:JPM), BlackRock (NYSE:BLK) (NYSE:C), Goldman Sachs (NYSE:GS) due Wednesday.

Still, there are some on Wall Street urging caution.

The market is approaching a "power-on stall," whereby the climb higher becomes more and more labored, "until the plane loses the lift and begins to stop climbing no matter how much power is being applied," Cannacord said.

In other news, cryptocurrencies were in the spotlight, with bitcoin hitting a record high ahead its multi-billion direct listing of crypto exchange Coinbase.

S&P 500 Closes at Record as Bulls Sidestep Vaccine Setback Ahead of Earnings
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (5)
Rick Baier
Rick Baier Apr 13, 2021 8:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Blows my mind people rolling their sleeves up for a rushed vaccine. This virus variant has a 99.8 percent recovery rate if you catch it. You all are being played
danny Levine
danny Levine Apr 13, 2021 8:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
my friend who got vaccinated had a high fever and he had to self quarantine for two weeks lol. most of the people won't even have symptoms but yeah make sure to risk your life for a warp speed poison
Stan Smith
Stan Smith Apr 13, 2021 8:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
My bet is more lemmings perish from the vaccine that the virus
Paul Richard
Paul Richard Apr 13, 2021 8:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I will take that bet, you really, really need to not make reDICKulis statements.
Stan Smith
Stan Smith Apr 13, 2021 7:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
We all know this FED pumped parade can't go on much longer! There is no economy and its only getting worse
Alexander Stinson
Alexander Stinson Apr 13, 2021 6:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
stairs up, elevator down
Dave Jones
Dave Jones Apr 13, 2021 4:31PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
consumer backbone of the economy! 🤣🤣Gold!!! Utter gold!!!!
Casador Del Oso
Casador Del Oso Apr 13, 2021 4:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So will earnings justify valuations?
Dave Jones
Dave Jones Apr 13, 2021 4:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Francesco Lucchesi
Francesco Lucchesi Apr 13, 2021 4:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
of course not. but stonks will " shrug off" that too.
Jouni Matero
Jouni Matero Apr 13, 2021 4:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Not even a fraction in most of the cases. But "stonks only go up" lol. Bubble of our times about to pop.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email