U.S. stocks show yet another turnaround after seeing initial weaknesses

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Equity showed another significant turnaround during Friday’s trading, expanding the extreme volatility seen throughout the week. After turning down early in the session, the major averages bounced considerably from their lows and became a positive territory.

The key average has receded from the highest level in recent trading, but remains positive now. The Dow is up 106.58 points or 0.3 percent to 34,267.36, the Nasdaq is up 218.68 points or 1.6 percent to 13,571.46, and the S & P 500 is up 42.14 points or 1 percent to 4,368.65.

Wall Street turnarounds reflect an extension of the roller coaster ride market This week, the major averages have shown volatile fluctuations back and forth within a day.

Technology giant Apple (AAPL) has helped pave the way for a 5.7% surge after reporting better-than-expected quarterly results.

Credit card giant Visa (V) also rose sharply after reporting first-quarter performance that exceeded analysts’ expectations.

Meanwhile, Chevron (CVX) shares are under pressure after energy giants reported fourth-quarter earnings that missed analysts’ estimates.

Dow’s companion Caterpillar (CAT) has also fallen sharply as supply chain concerns mask construction machinery manufacturers’ better-than-expected quarterly results.

Traders are also digesting reports from the Commerce Department showing that the rise in core consumer prices accelerated to nearly 40 years of highs in December.

The Federal Reserve’s favorite reading of the Ministry of Commerce on inflation shows that core consumer inflation accelerated to 4.9% in December, the highest level since September 1983. I did.

At the same time, the report also showed that personal consumption increased by 0.4% in November and then decreased by 0.6% in December. The decline in spending was in line with economists’ estimates.

Excluding price fluctuations, real consumer spending fell 0.2% in the previous month and then fell 1.0% in December.

“Given the expiry of Omicron and child tax credits weighs on spending in January, we first expect the catastrophic weaknesses of the previous quarter, even if we expect a recovery every three months in the first quarter. That means-the growth in real spending in the quarter remains unchanged overall. “

“The pace of inventory accumulation has slowed and GDP growth is currently being tracked at an annual rate of -0.5% in the first quarter,” he added. “In our view, despite strong inflation in prices and wages, it is unfortunately weak real economic growth that prevents the Fed from offering a full-fledged Ratemagedon this year.”

Sector news

Software stocks rose significantly in the course of the session, raising the Dow Jones US Software Index by 1.9%.

Significant strength is also emerging among biotechnology stocks, as reflected in the 1.7% increase recorded by the NYSE Arca Biotechnology Index.

Meanwhile, airline stocks are well below their worst levels, but continue to show significant weakness, with the NYSE Arca Airline Index down 1.8%.

Gold inventories are also declining along with precious metal prices. Gold delivered in April fell from $ 11.90 to $ 1,783.10 per ounce, and the NYSE Arca Gold Bug Index fell 1.8%.

Other markets

In overseas trading, the stock market in the Asia-Pacific region fluctuated in the trading on Friday. Japan’s Nikkei 225 index surged 2.1%, while China’s Shanghai Composite Index fell 1%.

Meanwhile, all major European markets have moved down that day. France’s CAC 40 index fell 0.8%, while the UK’s FTSE 100 index and Germany’s DAX index fell 1.2% and 1.3%, respectively.

In the bond market, seeing the initial weaknesses, the Treasury rose during the session. As a result, the benchmark 10-year bond yield is the opposite of the price, down 2.3 basis points to 1.784%.

Contact for comments and feedback: editorial@rttnews.com

Business news

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U.S. stocks show yet another turnaround after seeing initial weaknesses

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The post U.S. stocks show yet another turnaround after seeing initial weaknesses appeared first on Eminetra.

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