US stocks gather to end a very volatile week with bright notes


Continuing the roller coaster ride seen throughout the week, stocks showed a significant turnaround in the course of Friday’s trading session. The main average was pressured to start the day, but strongly repelled to end the day sharply high.

All major averages recorded a strong rise for the day, with tech-heavy Nasdaq leading the rally. The Nasdaq rose 417.79 points (3.1%) to 13,770.57, while the S & P 500 rose 105.34 points (2.4%) to 4,431.85 and the Dow rose 564.69 points (1.7%) to 34,725.47. ..

In the rally of the day, the main average managed to close high due to a very volatile week. Over the week, the Dow rose 1.3%, the S & P 500 rose 0.8%, and the Nasdaq rose less than 0.1%.

The significant rebounds seen during the trading day may partially reflect bargain hunting as the Nasdaq and S & P 500 bounced off at the lows of the closing prices for several months.

Technology giant Apple (AAPL) has helped pave the way for a 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 were under pressure after energy giants reported lower-than-expected fourth-quarter earnings.

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

Traders also digested a report from the Commerce Department in December showing that the rise in core consumer prices accelerated to a high of nearly 40 years.

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 sharply over the course of the session, with the Dow Jones US Software Index rising 3.5%.

Significant strength has also emerged among biotechnology stocks, as reflected in the 3.3% surge in the NYSE Arca Biotechnology Index. The index rebounded after finishing the previous session with the lowest closing level in over a year.

Commercial real estate stocks also performed well on the day, with the Dow Jones US Real Estate Index jumping 3.2%.

Telecom, housing, retail and healthcare stocks also showed considerable strength this day, rising alongside most other major sectors.

Other markets

In foreign trade, stocks market During the trading on Friday, various performances were seen throughout the Asia Pacific region. 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 fell 2.5 basis points to 1.782%, which was the opposite of the price.

Future outlook

The Ministry of Labor’s monthly employment report is likely to be focused next week, but traders are also likely to be on the lookout for reports on manufacturing and services sector activities.

Revenue news will continue to be the focus of attention, with many well-known companies reporting quarterly results.

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US stocks gather to end a very volatile week with bright notes

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The post US stocks gather to end a very volatile week with bright notes appeared first on Eminetra.


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