(New York = Yonhap News) Yeong-sook Yoon, Correspondent for Yonhap Infomax = The New York stock market is seeking a rebound due to the lack of materials, although concerns regarding global tightening continue.
As of 10:19 a.m. at the New York Stock Exchange (NYSE) on the 9th (Eastern time), the Dow Jones Industrial Average recorded 32,052.28, up 277.76 points (0.87%) from the previous field.
The Standard & Poor’s (S&P) 500 index rose 43.68 points (1.09%) to 4,049.86, and the Nasdaq index, centered on technology stocks, rebounded 182.09 points (1.54%) from the battlefield to 12,044.22.
The stock is seeking a rebound in response to the recent three-week decline.
Although concerns regarding intensive tightening by the Federal Reserve (Fed) continue, investors are paying attention to the economic trend as concerns regarding tightening are reflected in prices to some extent.
Next week’s Consumer Price Index (CPI) for August will come out, and investors will be looking to see if inflation is trending down.
Former Fed Vice Chairman Richard Clarida said in an interview with CNBC that he expected the Fed to raise rates to 4%.
“The message I feel is clear,” he said. “Failure is not an option for Jerome Powell.”
Scott Minard, chief investment officer at Guggenheim Partners, a global investment bank, has also warned that New York stocks are still bearish and a massive sell-off might occur.
“This is the worst time of the year, seasonally,” Minard said, saying the S&P 500 might drop as much as 20% by mid-October.
The price of Bitcoin, which is represented as a risky asset, rose more than 8% on the day of the stock rebound, breaking through the $20,000 mark.
All 11 sectors in the S&P 500 are up. Telecom, technology, energy, and consumer discretionary stocks rose 1%, leading the rise.
The share price of DocuSign, a digital signature software company, rose more than 7% as the company’s quarterly earnings exceeded expectations and the third-quarter forecast also exceeded expectations.
Virgin Galactic shares fell more than 5% on news that Bernstein had downgraded its rating to Sell.
Tesla shares rose more than 2% on news that the company was considering setting up a lithium refining plant to produce batteries for electric vehicles.
New York stock market experts said it was difficult to see that the stock has bottomed out.
“I think people are seriously underestimating what the Fed is going to do to combat inflation,” Richard Bernstein, head of advisors, told CNBC.
“It’s ironic that investors are considering a change in the Fed’s direction even though real interest rates are at their most negative historically,” he said. “It means the Fed isn’t really fighting inflation. is not a plus. It is difficult to predict that (the market) will turn into a huge bullish in the near future.”
European stocks also rose at the same time.
Germany’s DAX index rose 1.46%, while the UK FTSE index rose 1.45%. The pan-European STOXX600 index is up 1.63%.
International oil prices rose more than 2%.
The October price of West Texas Intermediate (WTI) crude rose 2.81% to $85.86 per barrel, and the price of November Brent crude rose 2.75% to $91.60 a barrel.
Traders at the NYSE entrance hall
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