** S&P 500 rallies on strong recovery hopes, finishes up 1.6%. Quarter-end rebalancing leads to choppy trade
** In any event, for the Dow , out of the blue, a red line strikes
** This, with the Nasdaq on less than firm footing
, the SPX showing divergent paths , and small caps being tossed around
** And for the China Large-cap ETF a shooting star can suggest burnout
** Vast majority of sectors advance: Defensive plays and energy most stable, while communication services stumble
** Energy leaps 3%. Oil stocks rise on fears Suez Canal blockage may last weeks
** Tech surges 2.5%. Applied Materials best in sector, up 12%, on $7.5 bln share buyback plan
, and Intel's $20 bln plan to expand manufacturing lifts chip equipment makers
** Materials gain 2.5%. Nucor hits near 13-yr high after co to build new tube mill in Kentucky
, and steel stocks jump ahead of U.S. infrastructure spending announcement . As for precious metals mining shares , there's pressure in the shaft
** Industrials up 2.2%. Kansas City Southern
jumps on $25 bln buyout deal with Canadian Pacific Railway
** Consumer Discretionary dips 0.2%. Travel-related shares slip on renewed virus curbs in Europe
** Communication Services slumps 1.9%. ViacomCBS
plummets 50% as Wall Street analysts turn bearish after media firm's nearly $3 bln capital raise, and peer Discovery Inc
also dives 46% in volatile trade
** Meanwhile, GameStop tumbles, then bounces after videogame retailer says might cash in on meteoric rise in its share price to fund e-commerce expansion
** SPX performance YTD:
(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
((lance.tupper.tr.com@reuters.net lance.tupper@tr.com terence.gabriel.tr.com@reuters.net terence.gabriel@tr.com))
Comments