Wall Street closed mixed in trading (03/05), with gains in Dow Jones and S&P 500. Optimism about the re-opening of the economy prompted investors to buy back into cyclical sectors. Meanwhile, the decline in megacap technology shares caused Nasdaq to close lower.
Domestically, correction to the JCI continued into May. Increase in the Manufacturing PMI to 54.6 for the April 2021 period was offset by the release of below-expected inflation data. Although still under pressure, the JCI today has the opportunity for a technical rebound in the range of 5,938 – 6,030.
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