In the US equity market, the Nasdaq index and the S&P 500 gained yesterday. In the lack of catalysts the Dow Jones index fell while gains at the S&P 500 remained marginal. Investors also awaited this week’s Federal Reserve meeting for further cues.
On the other hand, the technology-heavy Nasdaq rose for the sixth session in the past seven working days, lifted by gains in shares of Tesla, Apple and Amazon Incs.
Investors are seeking new cues from the central bank this week on its inflation outlook, after recent data indicated the US economy is regaining momentum but not overheating. This has eased investor worries about inflation. While the Fed has reassured that any spike in inflation would be transitory.
The Nasdaq Composite index surged 0.7 per cent, the S&P 500 closed 0.2 per cent up while the Dow Jones Industrial Average fell around 0.3 per cent.