HoonSmart.com >> US stocks closed higher, Dow rose 162 points, boosting tech stocks following a weak dollar, Tesla reported better-than-expected performance. WTI crude fell $3.53 to close at $96.35, European stocks closed higher. The European Central Bank raises interest rates by 0.50%, the first rate hike in 11 years.
The Dow Jones Industrial Average (DJIA) on July 21, 2022 closed at 32,036.90 points, up 162.06 points, or 0.51%, on the back of a rally in technology following the dollar weakened. And from Tesla’s better-than-expected performance
The S&P 500 index closed at 3,998.95, up 39.05, +0.99%.
The Nasdaq index closed at 12,059.61, up 161.96, +1.36%.
Investors continue to buy technology stocks. Meanwhile, the strong performance provided buying pressure on the stocks that were already heavily expanding. It was also supported by a weaker dollar following the European Central Bank (ECB) raised interest rates by 0.50%, more than the 0.25% expected, and was the first rate hike in 11 years.
Many companies earn their income from overseas markets.
Tesla ended up 9.8% following reporting better-than-expected profits and boosting luxury goods stocks. Apple was up 1.5 percent, Amazon was up 1.5 percent, Nike was up 0.5 percent, Microsoft was up 0.95 percent.
United Airlines shares fell more than 10 percent on lower-than-expected earnings. American Airlines shares fell 7.4% following revised expansion plans. Although the operating results were as expected
Nicholas Kolas, co-founder of DataTrek, said the main factor was performance. Other issues are side factors that affect the entire market. The Federal Reserve’s monetary policy (Fed) investor confidence. and other events that will affect
At the same time, investors will keep an eye on economic data reports and inflationary pressures. The labor market data released yesterday reflected the weak labor market.
The Labor Department reported its first jobless claims last week, up 7,000 to 251,000, the highest since November 2021 and above the 240,000 expected by analysts.
Fed Philadelphia Branch The July Mid-Atlantic Manufacturing Index fell further to -12.3 from -3.3 in June, below the +1.6 expected by analysts.
next week Investors are keeping an eye on the Fed meeting, while the CME Group’s FedWatch Tool indicates a 69.1% probability of the Fed raising interest rates by 0.75% at its July 26-27 meeting, as well as pending a second-quarter GDP report.
Energy stocks fell. After WTI oil prices fell more than 3% on the news, Russia has returned to supply gas to Europe yesterday. Exxon Mobil was down 1.7 percent, Chevron was down 0.8 percent.
Carnival shares fell 11.2 percent on the announcement of a $1 billion share sale.
European stock markets rose Led by a group of banks that rose 2.1% following the European Central Bank (ECB) raised interest rates 0.50% to 0% from -0.50% and was the first rate hike in 11 years.
The ECB also raised the refinancing rate by 0.50% from 0% and raised the loan rate by 0.50% from 0.25%.
ECB President Christine Lagarde said at a press conference that: Inflation remains high and is expected to stay above target for some time. And the latest data indicates growth is slowing. Influencing the outlook for the second half of 2022 and therefollowing, the euro rose slightly once morest the dollar, trading at 1.025.
Russia’s return to gas supply to Europe has resulted in a 2.1% drop in the energy sector.
Investors have been keeping a close eye on the situation in Italy following Prime Minister Mario Draghi’s resignation letter, as well as tracking listed company performance reports.
The Stoxx Europe 600 Index closed at 424.39 points, up 1.88 points, +0.44%.
The FTSE 100 London Stock Exchange closed at 7,270.51, up 6.20, +0.09%.
The French stock market CAC-40 index closed at 6,201.11, up 16.45, +0.27%,
The German stock market DAX index closed at 13,246.64, down 35.34, -0.27%.
WTI crude for August delivery fell $3.53, or 3.5 percent, to close at $96.35 a barrel. North Sea Brent crude for September delivery fell $3.06, or 2.9 percent, at $103.86 a barrel.