WALL STREET UP ON HIGH GROWTH HOLDINGS
par Caroline Valetkevitch
NEW YORK (Archyde.com) – The New York Stock Exchange ended slightly higher on Monday following a choppy session, thanks to gains in high-growth stocks including technology, although worries regarding the inflation and rising interest rates dampened investor optimism.
The Dow Jones Industrial Average gained 0.05 percent, or 16.08 points, to 32,915.78 points.
The broader S&P-500 gained 12.89 points, or 0.31%, to 4,121.43 points.
The Nasdaq Composite advanced for its part by 48.64 points (0.40%) to 12,061.37 points.
Amazon, up 2%, was the main catalyst for the S&P-500 and the Nasdaq.
Among the major sectors of the S&P-500, the communication services sector was one of the best performers.
But investors remained focused on inflation and rising interest rates. They are awaiting inflation data with a new survey to be released on Friday which should point to a persistent surge in prices.
A US Department of Labor report on the job market has dampened hopes that the Federal Reserve (Fed) will pause aggressive monetary policy tightening.
This report is proof that “the economy is still in good shape”, commented Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago, but “with high inflation and the continued rise in commodity prices, -be that the peak of inflation” is coming.
Market concern was eased by signs of a return to near-normal activity in parts of China following strict containment measures aimed at stemming an unprecedented wave of the coronavirus epidemic in two years.
On the value side, Twitter fell 1.5% following Elon Musk threatened to abandon his plan to take over the social network, demanding that he be provided with data on fake users.
Didi Global jumped 24.30% following a press report that Chinese authorities will allow the ride-hailing service to return to online smartphone app stores.
(French version Jean Terzian)