Wall Street Ends Higher On Value Buying: AAPL Bounces Back
4:52 pm Thursday, May 13th, 2021
After a 3-day continuous fall, Wall Street ended on an optimistic note on Thursday after the upbeat labor market data.
Dow Jones Industrial Average +433.79 (+1.29%)
S&P 500 +49.46 (+1.22%)
The Nasdaq Composite +93.31 (+0.72%)
Russell 2000 +38.31 (+1.79%)
Bitcoin: 49,135.40 +38.31 (+1.79%)
The opening rally effort was running out of steam, yet the market got it back in gear following the news that the CDC is now saying that fully vaccinated Americans can participate in outdoor and indoor activities, whether small or large gatherings, without wearing a mask.
Apple (AAPL) stock lead the tech rally with a jump of 1.80%. Yesterday, the stock fell below its 200-day moving average (122.96) for the first time since April 2020.
Boeing Co (BA) jumped after winning approval from U.S. regulators for a fix of an electrical grounding issue.
Tesla (TSLA) extended its fall after Elon Musk doubled down on his sudden rejection of cryptocurrency bitcoin.
New applications for unemployment insurance continue to fall, according to jobless claims data from the Labor Department that hit a 14-month low.
All the sectors ended in green except the energy sector as crude oil ended lower, which of course has been among the best-performing sectors this month.
Recent economic data has prompted inflation fears as scarcity of both materials and workers threatens to send prices surging in the face of a demand boom.
The VIX volatility index, however, slumped 15.66% to 23.27, after the fear index rose 38% in the last three days.
WTI crude futures settled lower by 3.2%, or $2.13, to $63.82/bbl. RBOB Gasoline futures settled lower by 3.3%, or $0.07, to $2.09/gallon.
U.S. Treasuries ended Thursday on a modestly higher note with longer tenors snapping a four-day skid. The 10-yr note and the 30-yr bond started today’s session ahead of shorter tenors after a fairly quiet night that featured holiday-related closures in Asia and Europe.
