After a several month-long downturn, the US stock market has rebounded over the past few weeks. Corporations remained optimistic about the state of the US economy, and were buoyed by the recent tax cut implementation. The rebound came after the Dow Jones Industrial Average (DJIA) posted losses in January and February.

Stocks bounced back from a two-day correction earlier this week, but that wasn’t enough to save them from Friday’s selling. The Dow Jones Industrial Average DJIA, +0.26% tumbled 1.1% to close at a fresh closing high of 25,256.

Stocks jumped nearly 2% on Monday, after a week of sharp declines, as the S&P 500 and Dow Jones industrial average turned positive for the year. The tech-heavy Nasdaq rose 0.4%, while the S&P 500 is within 0.5% of the record high set on Dec. 15. Last week, stocks stayed close to flat, only slightly higher on Friday.. Read more about rebounder and let us know what you think.

U.S. stocks faltered Tuesday, losing initial gains when

bitcoin

Prices fell after a period of volatile trading.

The S&P 500 index fell 0.2 percent and the Dow Jones Industrial Average, the blue-chip index, lost 30 points, or 0.2 percent. The Nasdaq composite index lost 0.1%. All three indices opened moderately higher, but then lost momentum.

Shares rose earlier this week after recent comments from Federal Reserve officials eased fears that rising inflation would stifle growth or prompt the central bank to suddenly tighten policy.

The Fed’s comments told the market exactly what it wanted to hear: that they were not worried about the inflation data and that this did not change their intention to be very cautious, said Hugh Gimber, a strategist at J.P. Morgan Asset Management.

The price of bitcoin has fallen after days of catapult activity in the crypto-currency markets. Bitcoin fell 1.7 percent to $37,486. During the recent episode, investors were reassured that more traditional asset classes were not affected by bitcoin’s volatility, Gimber said.

Despite all the volatility, it is encouraging that the major markets continue to focus on economic fundamentals, he said.

New data on the U.S. housing market shows that home price growth reached its highest level in 15 years in March. Although there are early signs of a slowdown in home sales, strong demand for homes continues to outpace supply. The S&P CoreLogic Case-Shiller National Home Price Index recorded its fourth consecutive month of double-digit annualized growth.

After rising in April, new data on U.S. consumer confidence were virtually unchanged in May, indicating that Americans’ optimism about the economy has waned somewhat.

The market fears that the economy is clearly overheating and that strong inflationary pressures are coming, he said.

Brian Levitt,

Global Markets Strategist at Invesco.

When you see days like today, when the housing market cools down a bit, interest rates drop a bit, and tech stocks show positive momentum, that’s a day to put behind us the overheating and inflation that has really gripped U.S. and global investors.

In the corporate sector, Moderna’s shares rose nearly 2.8 percent after the drug maker announced that its Covid-19 vaccine has proven effective in children between the ages of 12 and 17.

Lordstown Motors

fell 13.9 percent after the maker of electric trucks said costs came in higher than expected and lowered its production forecast for 2021.

AutoZone

fell 1.7%, although the auto parts retailer’s sales exceeded expectations.

Brent crude, the global oil benchmark, rose 0.1% to $68.39 a barrel. Gold, a typical inflation hedge, rose 0.4% to $1,892 per troy ounce.

US government bond yields fell. The yield on the 10-year U.S. Treasury bond rose from 1.608 percent to 1.580 percent on Monday. Returns move inversely to prices.

Overseas, the Stoxx Europe 600 index rose 0.3%, supported by the technology sector.

In China, the Shanghai Composite Index rose 2.4%, its biggest one-day gain since October, to its highest level in three months. The local currency rose 0.2 percent to 6.41 yuan per dollar, the highest level in three years.

In recent days, Chinese officials have expressed concern about rising prices of commodities such as iron ore and copper, which has eased investors’ fears of inflation, said Stephen Leung, executive director of institutional sales at UOB Kay Hian in Hong Kong.

Japan’s Nikkei 225 index rose 0.7 percent, while Hong Kong’s Hang Seng rose 1.8 percent.

Recent comments by the Federal Reserve have helped allay fears that rising inflation will suppress growth.

Photo:

Xinhua/Zuma Press

-Joanne Chiu contributed to this article.

E-mail Will Horner at [email protected] and Julia Carpenter at [email protected]

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