The Dow New York Stock Exchange closed up more than 200 points on Tuesday (March 22), while the Nasdaq jumped nearly 2 percent as investors scooped up tech stocks. Investors adjust to the statement of Federal Reserve Chairman Jerome Powell (Fed) signaling an acceleration in interest rates. as well as a strong earnings report of Nike.
- The Dow Jones Industrial Average closed at 34,807.46, up 254.47 or + 0.74%,
- The S&P 500 index closed at 4,511.61 points, up 50.43 points, or +1.13%, and
- The Nasdaq index closed at 14,108.82, up 270.36, or +1.95%.
SoFi analyst Liz Young said although the New York stock market fell on Monday after the Fed chair signaled that The Fed may speed up interest rate hikes to curb inflation. But it appears investors are now starting to adjust the receiver. and see that the right thing to do now is to prepare for the worst But expect the best.
Powell said at the National Association of Business Economics meeting on Monday that The US labor market is very strong. And the inflation rate is too high. As a result, the Fed must ensure that inflation figures return to stabilization. and if necessary The Fed will also raise interest rates by more than 0.25% in one or more meetings.
Investors buy technology and communications stocks. After the share price fell sharply on Monday. Shares of Meta Platforms were up 2.44%, Alphabet was up 2.77 per cent, Apple was up 2.08 per cent, Microsoft shares were up. Netflix was up 1.64 percent, and Netflix was up 2.22 percent, and Twitter shares were up 2.63 percent.
Banking stocks rallied after yields on the 10-year U.S. Treasury rose above 2.3 percent overnight, with Goldman Sachs up 1.18 percent, Morgan Stanley shares up 1.74%, JP shares. Morgan was up 2.13 percent, Bank of America was up 3.1 percent, and Wells Fargo was up 4.4 percent.
Nike shares rose 2.23% after the company posted better-than-expected results for the fiscal third quarter ended Feb. 28, 2022, helped by strong demand in North America. Mikey was 87 cents, above expectations of 71 cents, and revenue was $10.87 billion. That’s higher than the forecast of $10.9 billion.
Tesla shares rose 7.91% following reports that Tesla has begun deliveries of the first electric cars produced at the Grundheide factory. germany
Energy stocks weaken in line with oil prices. Halliburton was down 1.3 percent, Exxon Mobil was down 0.44 percent, Chevron was down 0.33 percent and ConocoPhillips was down 0.96 percent.
Investors are eyeing key US economic data this week. These include February new home sales, weekly unemployment claims, February durable goods orders, Purchasing Managers’ Index (PMI), March manufacturing. from Markit, March service purchasing managers’ index (PMI) from Markit, pending home sales for February and March Consumer Confidence Index from the University of Michigan.
By InfoQuest News Agency (23 Mar 65)
Tags: dowjones, Dow, stock market, new york stock market