SP Closes Higher with Defensive Sectors Leading Gains

Jan 13 Reuters Wall Streets benchmark SP 500 index closed slightly higher on Wednesday with defensive sectors leading gains as investors waited for details of the next U.S. fiscal stimulus plan and Congress began President Donald Trumps impeachment hearings.

U.S. Treasury yields pulled back after rising for six straight sessions, giving a boost to ratesensitive defensive sectors such as utilities and real estate, while economically sensitive cyclical sectors lagged.

Intel Corp advanced quickly, after the chipmaker said it would replace its Chief Executive Officer Bob Swan with VMware Inc CEO Pat Gelsinger next month.

Wall Streets main indexes had hit record highs last week on expectations for a hefty COVID19 relief package even as an attack on Capitol Hill ramped up political uncertainty.

But a day before details of incoming President Joe Bidens fiscal relief plan was due to be announced, investors appeared to pull to the sidelines.

Investors have been for some time looking to the second half of 2021. They continue to hope for a real reopening, said Mona Mahajan, U.S. Investment Strategist, Allianz Global Investors, New York.

Referring to the Treasury yield decline, Mahajan said A day like today is probably natural after a long run. Some of the laggard stock sectors are leading.

As U.S. House of Representatives gathered to consider a second impeachment for Trump after the Capitol invasion by his supporters which left five dead, some investors were watching to…

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News