By BRIAN PORTER | Rocky Mountain Voice
The worst day in two years on Wall Street and in financial markets worldwide was followed Tuesday by some claw back in value.
The Dow Jones Industrial Average, which took a beating on Monday, finished up 0.76% on a nearly 295-point rise. The S&P 500 finished up 1.04% and the Nasdaq Composite advanced 1.03%.
Many financial analysts supported the theory Monday’s bloodbath for investors was related to an underperforming jobs report, or possibly inaction by the Fed. Former President Donald J. Trump noted it was also possibly related to his opponent, Democrat Kamala Harris, announcing prior to the market opening she had the delegates for the nomination for President. He called it the “Kamala Crash” and boasted a Trump presidency would result in supply-side growth, which could be largely true if you consider the 60% market growth he had in his Administration prior to Covid-19.
Nvidia and Meta Platforms were two leaders in recovering value, with Nvidia regaining 3.78% on Tuesday and Meta, which includes Facebook and Instagram, bouncing back with 3.86% of its lost value to $494.09 a share. But, not all tech stocks bounced back. Google, which trades as Alphabet, lost 0.60% of its value. It is down $15.68 a share this month. Apple also finished down 0.97%. Trump Media & Technology, traded as DJT, was a winner with a 0.48% gain.
The Dow now sits 2,378.34 points off its record high of 41,376. Nonetheless, the Dow has shown a growth of 11.21% in the past year. It remains down 4.17% in the past week.