Bargain hunting contributes to a significant rebound on Wall Street

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Following the sharp decline seen during the previous session, stocks showed strong upward movements during Thursday’s trading. All major averages ended the day firmly positive, with the Dow recording a particularly strong rise.

The Dow rose 617.75 points (1.8%) to 34,639.79 and the S & P 500 rose 64.06 points (1.4%) to 4,577.10. Tech-heavy Nasdaq showed a lack of direction early in the session, but closed at 15,381.32, 127.27 points (0.8%).

The Wall Street rebound partially reflected the bargain hunting that followed the plunge seen as Wednesday’s trading day progressed.

The Dow fell to a close of nearly two months due to a sharp fall on Wednesday, while the Nasdaq and S & P 500 reached their lowest closes in more than a month.

The strong upward movement of roller coaster vehicle inventories has expanded. coronavirus..

Traders appeared to be very sensitive to Omicron-related news, amid concerns that variants could impede economic recovery, even if the Federal Reserve began to curtail stimulus.

The Dow’s notable progress is partly due to the significant rise in Boeing (BA) stocks, with the aerospace giant soaring 7.5%.

Boeing soared in response to the news. China has cleared the 737 Max and returned to flight, becoming the last major market to give approval.

In addition, Bloomberg reports that the new owner of Jet Airways India is in talks with Boeing and Airbus to buy at least 100 narrow-body jets for the fleet of once bankrupt airlines.

Dow components American Express (AXP) and Visa (V) also recorded significant rises, with credit card giants rising 4.5% and 4.3%, respectively.

In US economic news, the Ministry of Labor released a report showing modest backlash from the first unemployed claims for the week ending November 27.

Initial unemployment claims increased to 222,000, up 28,000 from the previous week’s revised level of 194,000, according to the report.

Economists expected unemployed claims to rise from 199,000 originally reported last week to 240,000.

Sector news

On the day, airline stocks showed a significant rebound, with the NYSE Arca Airline Index rising 6.5% after plunging to its lowest closing price in a year in the previous session.

Significant strength was also seen between housing stocks, as reflected in the 4.1% surge in the Philadelphia Housing Sector Index.

Bank stocks also performed well, with the KBW Bank Index rising 3.4%. The index bounced off at its lowest price in two months.

Stocks from steel, energy and brokerage firms also showed considerable strength, but gold stocks set back on an uptrend amid falling precious metal prices.

Other markets

In foreign trade, stocks market During the trading on Thursday, various performances were seen throughout the Asia Pacific region. Japan’s Nikkei 225 index fell 0.7% and Hong Kong’s Hang Seng index rose 0.6%.

Meanwhile, all major European markets have moved down that day. The UK’s FTSE 100 index fell 0.6%, while the French CAC 40 index and the German DAX index fell 1.3% and 1.4%, respectively.

In the bond market, government bonds fell slightly during the session. As a result, the benchmark 10-year bond yield is the opposite of the price, rising 2.2 basis points to 1.456%.

Future outlook

The Labor Department’s carefully watched monthly employment report is likely to be in the limelight on Friday, obscuring separate reports on service sector activities and factory orders.

Contact for comments and feedback: editorial@rttnews.com

Business news

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Bargain hunting contributes to a significant rebound on Wall Street

Source link Bargain hunting contributes to a significant rebound on Wall Street

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