Dow snaps 6-day winning streak, but tech stocks lift Nasdaq Composite to record 10,000 level; European markets close lower despite hopes of economic recovery; BELEX15 up 0.79%; Serbian economy recovers faster than expected
The Nasdaq Composite rallied to a record high on Tuesday, briefly breaking above 10,000 for the first time, as traders loaded up on major technology names while taking profits from stocks that benefit from the economy reopening.
The tech-heavy Nasdaq rose 0.29% to finish the day at a record close of 9,953.75, below its all-time intraday high north of 10,000 it hit earlier in the day. Amazon and Apple gained 3% and 3.1%, respectively, with each notching all-time highs during the session. Facebook advanced 3.1% higher and Netflix rose 3.47%. Google-parent Alphabet added 0.28%.

European stocks closed lower on Tuesday as investors weigh up the prospects of an economic recovery after the coronavirus pandemic.
The pan-European Stoxx 600 provisionally closed down by more than 1%, with most sectors and major bourses in negative territory.
Banks and travel and leisure stocks led the losses, both off by more than 3%. On Wall Street, stocks were also mostly lower as investors took profits out of names benefiting from the economy reopening.
Euro zone GDP (gross domestic product) contracted by 3.1% year-on-year in the first quarter, European statistics agency Eurostat confirmed Tuesday, revising up its earlier prediction of a 3.2% contraction. On a quarterly basis, the bloc’s economy shrank by 3.6%, as coronavirus-induced lockdowns brought about the sharpest fall in growth since records began in 1995.

BELEX15 was up 0.79% as NIS and Belgrade Airport advanced 1.6% and 1.5%, respectively. Overall tared volume was very low – EUR 89 ths out of which Impol and NIS generated almost all. No specific corporate news we saw.
Some local economists believe Serbian economy is about to recover at a faster rate then initially expected. Director of Serbian Statistical Office expects material stabilization this year, while next 2021 should bring at least 5% growth rate. As he explains, strong GDP growth from 1Q20 is about to partially offset covid impact in 2020, when observing the entire 2020.
Source: CNBC, Ilirika