(CercleFinance.com) – Wall Street accentuated its upward movement Thursday morning, investors expressing hope that the US economy will manage to escape recession.
At the end of the morning, the Dow Jones manages to align a fifth consecutive session of increase by climbing 1.6% to 32,628.7 points, while the Nasdaq grants itself gains of more than 2.2% to 11,692.1 points.
The rather reassuring ‘minutes’ published last night by the Fed, as well as the excellent quarterly results of the department store chain Macy’s, lead investors to hope for a ‘soft landing’ for the economy, which pushes them towards sectors associated with growth.
Macy’s jumped more than 16% after reporting much better-than-expected first-quarter performance and revising its full-year outlook.
While these statements encourage investors to return to so-called ‘cyclical’ securities, hopes for growth mainly benefit stocks linked to unconstrained consumption, such as Home Depot (+3.4%) or Nike (+3.2). %), which sign two of the strongest increases in the Dow index.
Behind consumer discretionary (+4.2%), the sectors of industry (+2%), finance (+2%) and technology (+1.9%) also stand out this morning.
Commentators also cite the takeover of VMware by Broadcom for $61 billion to justify this sudden increase in risk appetite.
Boeing is the main support for the Dow with a gain of 4.6%, the aircraft manufacturer benefiting from the good performance of cyclical stocks after having lost more than 37% of its value since the start of the year.
On the statistics front, the two indicators unveiled in the morning do not seem able to encourage investors to relaunch their purchases.
The GDP of the United States thus fell by 1.5% over the first three months of the year, according to a second estimate made by the Department of Commerce, which had announced a contraction of 1.4% in first reading there. one month old.
On the inflation side, the PCE price index came out up 7%, against an increase of 6.4% the previous quarter. Excluding food and energy prices, the PCE index posted a gain of 5.1%.
Another indicator monitored by the markets, weekly jobless claims fell again last week to 210,000 during the week, down 8,000 from the previous week.
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