U.S. Stock Market Climbs as Wall Street Tries to Rally from Worst Daily Fall in a Month
U.S. stock-market indexes Wednesday traded higher, with equities attempting to rebounding from a technology-led downdraft in the previous session. A Senate delay of a closely watched vote on a bill to overhaul of the Affordable Care Act, known as Obamacare, until after July 4, has raised some questions about President Donald Trump’s ability to advance his pro-business and market-boosting agenda, headlined by tax cuts, deregulation and a boost to spending on infrastructure. The Dow Jones Industrial Average DJIA climbed 0.7% at 21,449, the S&P 500 index SPX rose 0.8% at 2,437, while the Nasdaq Composite Index COMP gained 0.8% at 6,196 in early trade, as the tech-laden benchmark tried to avoid three straight down days, and its first monthly drop since October. In the prior session, tech shares pitched sharply lower, with the biotech-oriented iShares Nasdaq Biotechnology ETF IBB suffering its largest daily drop since March 21, and the health-care focused Health Care Select Sector SPDR ETF XLV notching its steepest one-day drop since May 17, according to FactSet data. Technology stocks have been the centerpiece of what has been a mulitmonth rally in U.S. stocks. Also Tuesday, global investors digested comments from European Central Bank boss, Mario Draghi, whose remarks were interpreted as less hawkish than previously, pushing the euro EURUSD to a 10-month high against the dollar DXY and jolting yields on government paper up, including the 10-year Treasury note TMUBMUSD10Y On the corporate front, the market is anticipating the public listing of meal-kit maker Blue Apron Holdings Inc. APRN.