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Stocks shake off a wobbling start on Wall Street and end higher | Associated Press

New York (AP) — The stock market got off to a volatile start, ending with a sharp rise on Thursday, marking the first rise in the week when the holiday was shortened. Technology stocks were one of the winners as Microsoft erased the early losses. Recent trading has become volatile as investors continue to worry about inflation and interest rates used by the Federal Reserve to combat it rise. S & P 500 rose 1.8%. The benchmark index has risen 7.1% since it came to the edge of the bear market two weeks ago. The Dow Jones Industrial Average rose 1.3% and the Nasdaq rose 2.7%. Yields on 10-year government bonds fell to 2.91%.

This is the latest news update. The previous story of AP is as follows.

New York (AP) — Wall Street stocks are regaining some of their recent losses in Thursday afternoon trading, despite continued caution among investors about stubborn high inflation and rising interest rates. ..

The S & P 500 rose 1.4% at 2:47 pm in the east, with all but two of the 11 sectors of the Benchmark Index rising. The Dow Jones Industrial Average was 33,106, up 292 points (0.9%), while the Nasdaq rose 2.4%.

Technology stocks, whose high value tends to push up and down to a wider market, took a large share of the rally after shaking off the initial stumbling block. Chip maker Nvidia was up 6.8% and software maker Adobe was up 5.3%.

Telecom stocks, companies that rely on direct consumer spending, and several major industrial companies have emerged. Facebook’s parent meta-platform increased by 6%, Expedia Group increased by 6.1%, and Boeing increased by 7.1%.

Stock prices of small and medium-sized enterprises have risen, showing confidence in economic growth. Russell 2000 increased by 2.1%.

Bond yields were relatively stable.10-year Treasury yield to help set Mortgage interest rates And other loans fell from 2.93% since the end of Wednesday to 2.91%.

Utilities and energy stocks have fallen. Alliant Energy decreased by 1.8% and Chevron decreased by 0.9%.

OPEC’s oil cartel and allies’ producing countries, including Russia Increase production 648,000 barrels per day in July and August.

Rising energy prices are driving inflation, which is already at its highest level in 40 years. According to the Motor Club Federation AAA, US gasoline prices hit record highs on Thursday, with an average pump price of $ 4.71 per gallon.

Investors continue to focus on the balance between inflation, rising interest rates and economic growth. The Federal Reserve is being watched carefully as it seeks to mitigate the effects of inflation by raising interest rates from historic lows during a pandemic.

Several economic reports on Wednesday confirmed expectations that the Fed will continue to raise interest rates aggressively. Wall Street is concerned that the Fed could overly slow economic growth and put the economy in recession.

Wall Street will once again get a glimpse of broader economic health on Friday, when the Ministry of Labor releases its May employment report. The employment market was initially slow to recover from the effects of the viral pandemic, Low unemployment rate and abundant job listings..

On the other hand, high inflation is eating up corporate profits, War in Ukraine When COVID-19 restrictions in China We also place great importance on the market.

Investors continue to monitor the company’s earnings and financial updates. Microsoft recovered from the initial slide and rose 0.3% after lowering its financial forecasts this quarter. Software pioneers have quoted unfavorable changes in exchange rates. Online pet shop Chewy surged 22.5% after reporting strong earnings.

Veiga reported from Los Angeles.

Copyright 2022 AP communication. all rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

Stocks shake off a wobbling start on Wall Street and end higher | Associated Press

Source link Stocks shake off a wobbling start on Wall Street and end higher | Associated Press

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