The New York Stock Exchange closed in the green on Tuesday, supported by favorable corporate results, in an almost deserted market on the eve of the Thanksgiving holiday.
The Dow Jones index advanced 1.18% to 34,098.10 points, the Nasdaq, with strong technological coloring, gained 1.36% to 11,174.41 points as well as the S&P 500 to 4,003.58 points, crossing the 4,000 point mark for the first time since September.
“It’s a combination of low trading volume, increased volatility and a short week,” summed up Art Hogan of B. Riley Wealth Management.
The analyst underlined the combination of “falling bond rates, oil prices calmed down compared to the high volatility of the day before and several company results much better than expected”.
“All of this, in very close trading” led to a solid upside, Hogan explained.
Markets will be closed on Thursday to observe Thanksgiving, the most popular holiday in the United States, and will hold a shortened session on Friday.
Yields on ten-year Treasury bills fell to 3.75% from 3.82% the day before while the dollar fell 0.59% once morest the auro at 1.0302 around 9:10 p.m. GMT, which favored equities.
All S&P sectors ended up, driven by energy (+3.18%), materials (+2.23%) but also information technology (+1.93%), which backed the Nasdaq.
Investors were impressed with several better-than-expected results in the retail sector.
The electronics chain Best Buy jumped (+12.78%) following posting profits that beat analysts’ forecasts in the third quarter, even though its sales fell further. Best Buy management also expressed optimism for year-end sales and resumed its stock buyback program.
Discount chain Dollar Tree, on the other hand, fell (-7.79%), despite also posting better than expected results, as it slashed its sales outlook due to inflation.
Nordstrom stores ended up 6.49% pending their post-closing results, but the stock was losing ground in electronic trading. The sign nevertheless registered a result better than expected before exceptional items including a provision which brings out the group in loss.
The title of video communication specialist Zoom fell 3.87% to 77.15 dollars, as the company revised its revenue forecast slightly downward despite a better than expected quarterly result.
Microcomputer maker Dell was hailed (+6.77%) following strong results in the third quarter.
The English club Manchester United, listed in New York for ten years, soared 14.66% to 14.94 dollars while new rumors of sale circulated.
After the close, the club issued a statement saying that its owners, the family of American businessman Malcolm Glazer, were considering a sale of the Red Devils club.
Three months ago, Tesla and now Twitter boss Elon Musk caused a stir by playfully claiming in a tweet that he was going to buy Manchester United.
Nasdaq