( Reuters) – The S&P 500 and the Dow fell on Wednesday as declines in financials and defensive groups countered gains in tech shares and as information showed U.S. private employers laid off 20 million workers in April, underscoring the economic fallout of the coronavirus outbreak.
The tech-heavy Nasdaq ended greater, although indexes drew back late in the session especially after U.S. President Donald Trump stated China may or might not keep a trade deal in between the 2 nations.
Financials and other cyclical groups, which typically outshine when the financial outlook improves, declined. Only two of the 11 major S&P sectors were positive, with tech leading.
Stocks have actually rebounded dramatically since late March from the coronavirus-fueled sell-off, helped by enormous monetary and fiscal stimulus.
” We are dealing with a really delicate rally,” stated Michael Purves, chief executive officer at Tallbacken Capital Advisors. “Selling into the close doesn’t make you feel excellent.”
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