Stocks were mixed Monday as investors closely monitored developments in Washington, DC. Larry Shover, D. Alexander Capital CIO and Tom Essaye, The Sevens Report Research Founder joined Yahoo Finance Live to discuss.
The Nasdaq slipped on Monday as investors swapped technology heavyweights for stocks linked to economic growth amid increasing confidence in a recovery, helping the Dow mark small gains. Investors moved into value and cyclical stocks from tech-heavy growth names after the Federal Reserve last week indicated it could begin unwinding its bond-buying program by as soon as November, and may raise interest rates in 2022. Although monetary tightening is frequently seen as a drag on stocks, some investors view the Fed's stance as a vote of confidence in the U.S. economy.
The Nasdaq index slipped more than 1% on Monday as investors swapped technology heavyweights for stocks linked to economic growth amid increasing confidence in a recovery. Advancing issues outnumbered decliners by a 1.48-to-1 ratio on the NYSE and by a 1-to-1 ratio on the Nasdaq.