Wall Street Close: US benchmarks mixed as investors move into value stocks
- Dow Jones Industrial Average added 357.96 points, or 1.3%, to 27,791.44.
- The S&P500 put up 9.19 points, or 0.27%, to 3,360.47.
- Nasdaq Composite lost 42.63 points, or 0.39%, to 10,968.36.
US benchmarks were mixed on Monday as the Dow jumped 1%, the S&P 500 inched up and the Nasdaq closed lower.
Value stocks were bid up as investors took a step down from heavyweight tech-related names as there was still no progress on a US fiscal support bill.
Consequently, the Dow Jones Industrial Average added 357.96 points, or 1.3%, to 27,791.44, the S&P500 put up 9.19 points, or 0.27%, to 3,360.47 and the Nasdaq Composite lost 42.63 points, or 0.39%, to 10,968.36.
Microsoft CorpMSFT, Amazon.com Inc AMZN and Facebook Inc FB were all a drag on the NASDAQ that has otherwise been enjoying a series of higher record highs of late.
Value stocks, which tend to outperform growth coming out of a recession, have gotten a lift in recent days.
Consequently, we have seen the Russell 1000 value index add 0.9% on Monday, while the Russell 1000 growth index fell 0.5%.
All in all, the markets remain unfazed by the ongoing negotiations in the US, despite there not even being a certain date for when negotiations between congressional leaders will resume.
In other news, China sanctioned 11 US officials in retaliation to similar moves made by the US against Chinese officials last week, although there was little reaction to this.
Yi Gang, governor of PBoC: China to continue implementing phase-one trade agreement
S&P 500 levels