Stocks End Higher as Tech Leads Amid Economic Uncertainty

Stocks finished higher Tuesday as gains in the tech sector offset warnings from Federal Reserve Chairman Jerome Powell that a U.S. recovery from the coronavirus pandemic “continues to be highly uncertain.” The Dow Jones Industrial Average finished up 140 points, or 0.52%, to 27,288, the S&P 500 rose 1.05% and […]

Stocks finished higher Tuesday as gains in the tech sector offset warnings from Federal Reserve Chairman Jerome Powell that a U.S. recovery from the coronavirus pandemic “continues to be highly uncertain.”

The Dow Jones Industrial Average finished up 140 points, or 0.52%, to 27,288, the S&P 500 rose 1.05% and the Nasdaq gained 1.71%. 

Shares of Amazon.com  (AMZN) – Get Report ended up 5.7% near $3,129 after Bernstein analyst Mark Shmulik upgraded the tech and online-retail giant to outperform from market perform with an unchanged price target of $3,400.

Powell, in testimony before the House Financial Services Committee, said the “path forward will depend on keeping the virus under control, and on policy actions taken at all levels of government.”

He added that “both employment and overall economic activity … remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain.”

The U.S. reached a grim milestone Tuesday when the number of coronavirus deaths surpassed 200,000, according to Johns Hopkins University. 

In the U.K., Prime Minister Boris Johnson urged people to continue to work from home as coronavirus infections in Europe’s second-largest economy have surged. 

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