Stock Market: Wall Street closes higher, bargain hunting and confidence in the US economy

Stock Market: Wall Street closes higher, bargain hunting and confidence in the US economy

(Photo: Getty Images)

MARKET REVIEWS. The New York Stock Exchange closed higher on Thursday, buoyed by bargain hunting and sentiment that while the US economy is slowing, it remains well positioned.

A broad rally led by the technology and materials sectors helped the Toronto Stock Exchange close higher on Thursday, as investors continued to interpret comments from the Bank of Canada and looked for signs that interest rates are beginning to slow. the economy and curb inflation.

To (re)consult market news

Stock indices at closing

In Toronto, the S&P/TSX closed with a rise of 318.09 points (+1.54%) to 21,031.81 points.

In New York, the S&P500 it rose 75.59 points (+1.84%) to 4,176.82 points.

the nasdaq it finished 322.44 points (+2.69%) at 12,316.90 points.

the DOW it rose 435.05 points (+1.33%) to 33,248.28 points.

the loon increased US$0.0053 (+0.6753%) to US$0.7954.

the oil it earned $2.16 (+1.87%) at $117.42.

Prayed it rose $23.80 (+1.29%) to $1,872.50.

the bitcoin it rose $714.06 (+2.42%) to $30,275.27.

The context

Thursday’s bounce was fueled by bargain buying after two straight sessions of declines, according to Quincy Krosby of LPL Financial. “It’s still attractive,” he explained.

Technology and growth stocks have particularly benefited from this move, Tesla (TSLA) (+4.68%) in Alphabet (GOOG) (+3.16%), via Amazon (AMZN) (+3.15%).

Target (BF) (ex-Facebook) did even better (+5.42% to $198.86), following a defection on Wednesday, following the announcement of the resignation of number two Sheryl Sandberg, a key figure in the company’s transformation. social network into a giant.

The general tone was also pro-tech, according to Quincy Krosby, due to some strong results released this week, mainly from customer relations specialist. Sales force (CRM) (+7.00% to $188.40), which raised its earnings forecast for the full year.

Even the lowering of forecasts for Microsoft (MSFT) (+0.79% to US$274.58), however, one of the most reliable technology groups in terms of results, was not enough to revolutionize the New York market.

The marked appreciation of the dollar penalizes the group’s sales abroad, which has led the Redmond (Washington) giant to lower both its billing and profit forecasts for the fourth quarter of its staggered financial year (from April to June).

For Edward Moya, from Oanda, some were also encouraged to take positions before the publication, on Friday by the Ministry of Labor, of the report on US employment.

“Traders expect the labor market to slow down, which could ease inflation fears somewhat,” the analyst said.

On Thursday, the ADP firm report reported 128,000 jobs created in May in the private sector, less than half of what economists expected (295,000).

In addition, the figures for April have been revised downwards, going from 247,000 to 202,000 job creations.

“The ADP report has missed the mark for two years,” however, Maris Ogg of Tower Bridge Advisors moderated. “I don’t think you have to pay much attention to it.”

Last ray of sunshine on Wall Street, the announcement by the Organization of Petroleum Exporting Countries (OPEC) and its allies in the OPEC+ agreement of a higher-than-expected increase in production in July.

“This is significant,” Third Bridge’s Peter McNally commented, as “for two years, this is the first deviation from planned increases.”

The only ones not to benefit from this acceleration were, unsurprisingly, oil stocks, which are among the few that have done better than float since the beginning of the year.

Known Phillips (COP) (-0.68%), Occidental Petroleum (OXY) (-1.59%) or Marathon Oil (MRO) (-0.57%) so everything ended in the red.

The remote (cloud) computing specialist Hewlett Packard Enterprise (HPE) was penalized (-5.20% to US$14.96) after publishing results slightly below expectations.

The group, born from the spin-off of Hewlett-Packard in 2015, has also lowered its profit forecast for its 2022 financial year.

Wall Street, for its part, welcomed the better-than-expected results of the multi-brand prêt-à-porter group HPV (HPV) (1.91% to US$72.47), driven by the dynamism of the Calvin Klein brand, especially in North America.

The banner of the “meme stocks” movement (shares whose price has been boosted by small owners), Game Stop (GME)gained ground (+10.38% to US$134.00), despite a loss that almost tripled in one year, in parallel with an increase in billing.


#Stock #Market #Wall #Street #closes #higher #bargain #hunting #confidence #economy

Leave a Comment

Your email address will not be published.