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S&P 500 Closes Higher as Bulls Load Up on Tech, Healthcare

Stock MarketsOct 19, 2021 04:03PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 closed higher Tuesday, as rising health care stocks and an Apple-led climb in tech underpinned bullish bets on the broader market.

The S&P 500 was up 0.74%, the Dow Jones Industrial Average added 0.57%, or 199 points, and the Nasdaq Composite added 0.71%.

Health care stocks led the gainers on the day, with Johnson & Johnson (NYSE:JNJ) up 2% after rising its guidance for the full-year, citing strength across its businesses.

Edwards Lifesciences (NYSE:EW), Boston Scientific (NYSE:BSX), Intuitive Surgical (NASDAQ:ISRG) also pushed the sector higher, with latter up 1% after releasing positive update on its robotic-assisted platform.  The move in IRSG comes just ahead of the its quarter results expected after the market close.

Procter & Gamble (NYSE:PG) delivered quarterly results that beat on both the top and bottom lines, but warned that of further inflation pressures, sending its share price down more than 1%.

Tech stocks continued their positive start to the week, supported by a rise in Apple (NASDAQ:AAPL), as the tech giant's new Macbook Pro line, powered by upgraded M1 chips, drew positive comments from Wall Street.

"The anticipated chip update surpassed expectations on performance and power efficiency. New chips have a much larger dedicated area for GPU cores and video encoders and decoders,"  Oppenheimer said in a note.

"The tightly integrated hardware and software … [will] likely allow Apple to take share among both consumer and professional users," it added.

The bid up in tech comes even as yields advanced, with the United States 10-Year yields topping 1.6%.

Energy stocks were more than 1% as falling temperatures in China exacerbated concerns that the supply crunch will likely persist and push oil prices higher.

On the economic front, housing activity cooled amid supply-chain disruptions and labor market shortages.

Housing starts fell 1.6% to a seasonally adjusted annual rate of 1.555 million units last month, confounding economists' forecast for

Building permits slumped 7.7% in September to a 1.589 million, larger than the 2.4%  decline expected.

In others news, ProShares Bitcoin Strategy ETF (NYSE:BITO), trading under the ticker "BITO," rose nearly 1% in its trading debut.

Bitcoin rose nearly 3% to $63,800, just shy of its all-time high of $64,778, boosting crypto-related stocks.

Marathon Digital (NASDAQ:MARA), Coinbase (NASDAQ:COIN), Riot Blockchain (NASDAQ:RIOT) were more than 3% higher.

S&P 500 Closes Higher as Bulls Load Up on Tech, Healthcare
 

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Comments (7)
Dave Jones
Dave Jones Oct 19, 2021 7:21PM ET
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S&P up on stock prices going up! Everything is awesome!
New Jazenevd
New Jazenevd Oct 19, 2021 6:40PM ET
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Bad economic numbers and strong market. This is new normal. Btw, something similar, though on lesser scale, could be observed during Obama presidency. Biden is Obama on steroids and without brains.
Tyrone Jackson
Tyrone Jackson Oct 19, 2021 6:09PM ET
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Dollar is droping stocks and everything you buy cost more Gas energy food autos real estate clothing. And the fed just adjusted the gdp for q4 to the low downside
Tyrone Jackson
Tyrone Jackson Oct 19, 2021 6:06PM ET
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Stock market is not going up- your dollar is buying less- it’s worth less- therefore you must pay a higher price from last month Gas - energy- food real estate- autos Watch the dx break 93 by the end of the year.
Millennial Metals
Millennial Metals Oct 19, 2021 5:14PM ET
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Zillow has stopped buying homes and is underwater on all the homes they bought. The bubble is popping
chethan dandgey
chethan dandgey Oct 19, 2021 5:14PM ET
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If you are able to predict that, can you also predict if they will be 50% cheaper
Charles Pullaro
Charles Pullaro Oct 19, 2021 5:14PM ET
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well disciplined value hunter. congrats
სმარტ ენერჯი დიეტა გაყიდვები
სმარტ ენერჯი დიეტა გაყიდვები Oct 19, 2021 4:17PM ET
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Ozenua peace
Ozenua peace Oct 19, 2021 4:17PM ET
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Hello
Millennial Metals
Millennial Metals Oct 19, 2021 4:16PM ET
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Thats right everyone buy the top of the bubble :)
TheEnd IsNigh
TheEnd IsNigh Oct 19, 2021 4:16PM ET
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🚀🚀🚀 To da moon!
DIMITRIOS MANAKOS
DIMITRIOS MANAKOS Oct 19, 2021 4:16PM ET
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buying the top of the bubbles and making money....
Jouni Matero
Jouni Oct 19, 2021 4:16PM ET
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Cheerleaders always cheer until they break their back during the jump.
 
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