US Stocks Stage Broad Rally Despite Concerns Over Federal Reserve Stimulus Tapering

US Stocks Stage Broad Rally Despite Concerns Over Federal Reserve Stimulus Tapering

NEW YORK (UrduPoint News / Sputnik - 22nd June, 2021) US stocks rallied on Monday as equity investors regained their appetite for risk after last week's plunge triggered by the Federal Reserve's announcement that it was seeking an appropriate exit time for its pandemic-era stimulus programs.

The Dow Jones Industrial Average, the broadest US equity barometer on the New York Stock Exchange, finished at 33,877, up 1.8 percent on the day. Last week, the Dow plunged 3.5 percent, its most since the week ended October 23.

The S&P 500, which groups the top 500 stocks on the New York Stock Exchange, closed at 4,225, up 1.4 percent on the day. For the week, the S&P500 lost 1.9 percent, its most since the week to February 19.

The Nasdaq Composite index, which includes high-flying tech stocks such as Facebook, Amazon, Apple, microsoft, Netflix and Google, finished at 14,141, up 0.8 percent. Nasdaq was a relative outperformer last week compared with the Dow and S&P500, losing just 0.3 percent.