US Stocks mixed on profit booking

The US stocks were mixed on Tuesday, 16 February 2021, with the Dow managed to hold onto a modest gain, while the broader Nasdaq and the S&P 500 slid into negative territory, as some traders opted to cash in on the recent strength in the markets.

The Dow Jones Industrial Average hit all-time highs on Tuesday as cyclical sectors gained on the prospect of more fiscal aid to lift the U.S. economy from a coronavirus-driven slump, sharp drop in new coronavirus infections, progress in vaccinations and a stronger-than-expected fourth-quarter earnings season.

At the close of trade, the Dow Jones Industrial Average index advanced 64.35 points, or 0.2%, to 31,522.75. The S&P 500 index fell 2.24 points, or 0.06%, to 3,932.59. The tech-heavy Nasdaq Composite Index dropped 47.98 points, or 0.34%, to 14,047.50. The US stock markets closed on Monday, 15 February 2021, on account of the U.S. Presidents Day holiday.

Shares of cryptocurrency and blockchain-related firms including Silvergate Capital Corp, Riot Blockchain and Marathon Patent Group jumped between 8% and 21% as bitcoin briefly climbed past $50,000.

In U.S. economic news, the Manufacturing activity in New York state expanded in February at a quicker pace than that of January, breaking a streak of four months softening, data from the Federal Reserve Bank of New York showed on Tuesday. The Empire State Manufacturing Survey's general business conditions index increased to 12.1 in February from 3.5 in January.

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