The Dow Jones Industrial Average closed up more than 500 points on Thursday (May 26), in response to the retailer’s strong earnings. Including the minutes of the US Federal Reserve (Fed) meeting in line with market expectations.
The Dow Jones Industrial Average closed at 32,637.19, up 516.91, or +1.61%, the S&P500 closed at 4,057.84, up 79.11, or +1.99%, and the Nasdaq closed at 11,740.65, up 305.91, or +2.68%.
Trading on the New York Stock Exchange was boosted by the retailer’s strong earnings, with Macy’s, the U.S. department store chain, reporting first-quarter earnings per share of $1.08, higher than expected. The company also forecasts revenue in 2022 to increase 1% to $24.7 billion.
Dollar General reported first-quarter earnings per share of $2.41, beating forecasts of $2.32. The company also forecast revenue for 2022 to rise 10.5%, above previous forecasts of $2.32. 10%
Both firms’ strong earnings boosted retail shares, with Lowe’s up 3.62 per cent, Target up 4.33 per cent, and Walmart jumping. Macy’s was up 2.13 percent, and Macy’s was up 19.31 percent, and Dollar General was up 13.78 percent.
Technology stocks continue to gain momentum. Apple was up 2.32%, Microsoft was up 1.29%, Meta Platforms was up 4.24%, and Zoom Video Communication was up 4.55%.
US computer chip maker Nvidia jumped 5.16 percent following it reported first-quarter earnings per share of $1.36, beating analysts’ expectations of $1.29. at $8.29 billion That exceeded expectations of $8.11 billion.
Banking stocks rebound Responding to the view that the Fed’s rate hike will boost financial institutions’ earnings JPMorgan was up 1.73 percent, Goldman Sachs was up 2.77 percent, Bank of America was up 2.32 percent, Citigroup was up 2.64 percent and Wells Fargo was up 3.35%.
Twitter shares soar 6.35 percent following Elon Musk expressed his determination to acquire Twitter. Previously, he announced a temporary suspension of negotiations for the purchase of Twitter. claiming to check the number of fake accounts on Twitter
The New York Stock Exchange was also boosted by minutes of the Fed’s May meeting that matched market expectations. The report states that The Fed will raise interest rates by 0.50% in both June and July. and may delay the interest rate hike at the end of the year If the inflation rate decreases
For the US economic data released last night. The US Commerce Department released its second quarterly gross domestic product (GDP) estimate for the first quarter, showing GDP shrinking 1.5% from the previously reported 1.4% contraction in the first estimate. forecast that the US economy contracted only 1.3%
The number of first-time claims for unemployment benefits fell 8,000 to 210,000 last week, the Labor Department said. and below analysts’ forecasts of 215,000.
The National Association of Realtors (NAR) said its pending home sales index fell 3.9 percent month-on-month to 99.3. The lowest since April, 2020 and decreased for the 6th consecutive month
