Nasdaq gains as focus shifts to tech, crude rallies
Technology shares greatly supported the Nasdaq, with the index closing its session higher than its previous record. Meanwhile, oil prices advanced further on Wednesday as vaccine-driven optimism was dampened by the possibility of lockdown reimplementation amid surging coronavirus infections.
The Dow Jones Industrial Average had seen a 0.08% drop, while the S&P 500 fell 0.77%. Meanwhile, the tech-reliant Nasdaq gained 2.01%, closing to 11,786.43 points.
While the S&P 500 advanced, the blue-chip Dow had turned red. Moreover, the Dow Transportation index, a metric that gauges broader economic health, also recorded a subdued session. The tech-heavy Nasdaq came to be the biggest advancer as investors shifted from economically sensitive cyclical stocks to technology-focused markets.