Dow climbs back over 10,000 mark
The Dow Jones industrial average closed above 10,000 tonight, one day after slipping below that mark for the first time since December.
A surge in technology shares led a moderate rally on Wall Street today as investors sought bargains, picking up interest rate-sensitive stocks that may have been over-sold in the market’s latest downturn.
Investors bought tech shares, small-cap stocks and financial companies despite the fact they were the most vulnerable to the impact of a potential rate hike, which could come at the next Federal Reserve meeting in June.
Interest rate fears sent the three major indexes into a 3% plunge during the previous three sessions.
Analysts said the unusual buying choices represented bargain hunting by some investors, but noted that volume was much lighter than during the three-day sell-off.
According to preliminary calculations, the tech-concentrated Nasdaq composite index gained 35.28, or 1.9%, to 1,931.35 after dipping below the 1,900 mark at Monday’s close.
The Dow Jones industrial average closed above 10,000, one day after slipping below that mark for the first time since December.
The Dow gained 29.45, or 0.3%, to 10,019.47.
The Standard & Poor’s 500 index was up 8.37, or 0.8%, at 1,095.49.
Buying was spread nearly across the board, with only healthcare and other defensive stocks suffering as investors took the chance on higher risk stocks - at least for the time being.
