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Wall Street closes an opportunity buying session on the rise

By Stephen Culp

NEW YORK (Reuters) – Wall Street closed higher on Thursday, rebounding from three straight days of declines on encouraging labor market data.

* All three major US stock indices finished strong, but the Nasdaq lagged behind, weighed down by Tesla Inc.

* The stocks that benefit from the economic cycle concentrated the greatest increases.

* Recent economic data have raised fears of inflation, as the shortage of both materials and workers threatens to skyrocket prices in the face of a boom in demand.

* “If it’s a race, supply chains are still tying their shoes,” said David Carter, chief investment officer at Lenox Wealth Advisors. “But they will catch up with demand pretty quickly.”

* Investors appeared to focus on the glass half-full side of the demand / supply equation Thursday, evidenced by the outperformance of small-cap, chip, and transportation companies, which benefit as The United States comes out of the pandemic.

* “The sectors and stocks that were hit the hardest by yesterday’s (Wednesday) selloff rebounded strongly today as economic growth is expected to remain strong throughout the year and any inflation is likely temporary,” Carter added.

* New claims for unemployment insurance continued to decline, according to Labor Department data, reaching their lowest level in 14 months.

* Labor Department data also showed producer prices rose last month, adding to the acceleration in consumer prices.

* Unofficially, the Dow Jones Industrial Average rose 445.84 points, or 1.33%, to 34,033.5 units, while the S&P 500 gained 50.75 points, or 1.25%, to 4,113.79 units. . The Nasdaq added 95.52 points, or 0.73%, to 13,127.20 units.

* Tesla prolonged its decline after its boss, Elon Musk, redoubled his sudden rejection of the cryptocurrency bitcoin.

(Report by Medha Singh and Sruthi Shankar in Bengaluru; edited in Spanish by Carlos Serrano)

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