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STOCKS STAGE LATE-DAY RALLY ON WALL STREET
- By The Financial District
- Mar 26, 2021
- 1 min read
US stocks rose in a late-day rally on Thursday (Friday, March 26, 2021, in Manila) as investors bought stocks likely to do well in the recovery and picked up beaten-down Apple and Tesla shares in anticipation that the US economy grows at its fastest pace in decades this year.
President Joe Biden cited as economic progress Labor Department data that showed a declining number of Americans claimed unemployment insurance, news investors shrugged off earlier as Wall Street traded lower most of the session, Devik Jain and Herbert Lash reported for Reuters.
The labor report on Thursday showed claims for unemployment benefits dropped to a one-year low last week, a sign that the US economy is on the verge of stronger growth as the public health situation improves and temperatures rise.
An end-of-quarter rebalancing of investment portfolios by institutional investors added to another mostly seesaw session in which the major Wall Street indexes rose and fell amid the ongoing rotation from growth into so-called value stocks.
Value stocks again outperformed growth stocks, rising 1.2% in the former compared with a 0.1% slide in the latter, even as Apple Inc. and Tesla Inc, led the rally. Tesla added 1.6% and Apple 0.4%.
The Dow Jones Industrial Average (.DJI) rose 199.42 points, or 0.62%, to 32,619.48. The S&P 500 gained 20.38 points, or 0.52%, to 3,909.52 and the Nasdaq Composite added 15.79 points, or 0.12%, to 12,977.68. Volume on U.S. exchanges was 12.69 billion shares, compared with the 13.84 billion average for the full session over the last 20 trading days.
