Wall Street closes higher on Amazon boost, despite economic worries
The Dow Jones Industrial Average .DJI rose 140.48 points, or 0.52%, to 27,288.18. The S&P 500 .SPX gained 34.51 points, or 1.05%, to 3,315.57 and the Nasdaq Composite .IXIC added 184.84 points, or 1.71%, to 10,963.64.
Wall Street stocks rebounded on Tuesday, led by a jump in Amazon.com, even as a likely delay in new fiscal stimulus by Congress and an increase in the number of coronavirus cases dampened hopes of a faster economic recovery.
Amazon.com Inc AMZN.O jumped 5.7% after Bernstein upgraded the stock to "outperform," saying the company will continue to receive a boost from premium subscribers and third-party merchants even once the pandemic is contained.
U.S. stocks on Monday extended a three-week losing streak as fears of a new round of lockdowns in Europe and the stalemate in Congress over the size and shape of another coronavirus-response bill dented hopes of a swift economic recovery.
Investors are now bracing for an extended period of market volatility on concerns over growing political uncertainty in Washington that has been sharpened by the death last week of Supreme Court Justice Ruth Bader Ginsburg.
“All the political energies are going to be directed towards the next Supreme Court nomination. I don’t see them paying attention to that and pushing stimulus through at the same time,” said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.
Reference: Reuters
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