WALL STREET END UP
par Stephen Culp
NEW YORK (Archyde.com) – The New York Stock Exchange ended higher on Friday as relief from signs that inflation may have peaked outweighed fears that the Federal Reserve’s policy tightening might drags the economy into a recession.
The Dow Jones Industrial Average gained 1.47%, or 466.36 points, to 32,196.66 points.
The broader S&P-500 gained 93.81 points, or 2.39%, to 4,023.89 points.
The Nasdaq Composite advanced for its part by 434.04 points (3.82%) to 11,805.00 points.
The rebound in high-tech mega-caps carried the session.
Despite these gains, the S&P 500 and the Nasdaq recorded their sixth week of declines, their longest stretch of losses since the fall of 2012 for the S&P 500 and the spring of 2011 for the Nasdaq.
“I wouldn’t be surprised to see another week or two of declines, but you have to look beyond the indexes and see what’s supporting the market,” commented Oliver Pursche, vice president of Wealthspire Advisors in New York.
“And what we’re seeing today is some of the big names are bouncing back strongly.”
In values, Twitter fell following Elon Musk announced that the operation to buy the social network for 44 billion dollars (42.4 billion euros) was “temporarily suspended” pending data on the proportion of fakes company accounts.
Tesla, for its part, jumped following the tweet.
Robinhood rose strongly following the CEO and founder of cryptocurrency exchange FTX, Samuel Bankman-Fried, took a 7.6% stake in Robinhood Markets.
(With contributions from Devik Jain, Bansari Mayur Kamdar; French version Camille Raynaud)
