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Despite the green ticks seen in key tech stocks, traders appear to have taken profit off the shares of Apple and Tesla as both stocks strive to stabilize after the implementation of their respective stock splits.
Wall Street sees a general bullish run for some key listed stocks and has rallied the Dow Jones Industrial Average to gain 450 points. This addition has sent the Dow (INDEXDJX: .DJI) to close at 29,100.50, the highest it has gotten since February.
On the backdrop of the general growth seen, the S&P 500 also added 1.5% to end the day at 3,580.84 and the Nasdaq Composite (INDEXNASDAQ: .IXIC) closed at 12,056.44 representing a 1% growth. While the Dow’s 450 points 30 stocks index’s best daily gain since July 14, the S&P 500 (INDEXSP: .INX) as well as the Nasdaq Composite also broke new records.
Despite the green ticks seen in key tech stocks and the Dow Jones 450 points gain, traders appear to have taken profit off the shares of Apple Inc (NASDAQ: AAPL) and Tesla Inc (NASDAQ: TSLA) as both stocks strive to stabilize after the implementation of their respective stock splits.
Highlight of Market Performances Besides Dow Joins Gaining 450 Points
Apple (AAPL) and Tesla (TSLA) saw a 2.1% and 5.8% drop in their shares to close at $131.40 and $447.37 per share respectively. In a complimenting move, the shares of Coca-Cola Co (NYSE: KO) rose more than 4% along with Dow Inc to lead the 30-stock average higher.
Alphabet Inc (NASDAQ: GOOGL) also pushed higher with a 3.76% growth to close at $1,717.39. The performance of Amazon.com Inc (NASDAQ: AMZN) and Facebook Inc (NASDAQ: FB) also experienced positive rallies leaving Apple (AAPL) as the only big four tech firm with retracement on Wednesday.
Major pharmaceutical firms particularly those with COVID-19 vaccine candidates also had a positive trading day. Pfizer Inc (NYSE: PFE) grew by 0.84% on Wednesday to close at $37.20 per share. Moderna Inc (NASDAQ: MRNA) surged 2.21% to end the trading day at $64.72.
As reported by CNBC, Morgan Stanley Chief U.S. Equity Strategist Mike Wilson said that he was still optimistic about the market long-term but that weakness in the weeks ahead was on the table after such a strong rally. Per his words:
“I remain very constructive over the next 12 months, I think we’re a little bit overcooked … It’s impossible to try to time these types of corrections. It would not surprise me if we got a 10% correction, but it wouldn’t be surprising if we didn’t, either. We’re in a bull market.”
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