U.S. Stocks Show Significant Move Back To The Upside
14 Fevereiro 2024 - 6:30PM
IH Market News
Stocks showed a strong move back to the upside during trading on
Wednesday, partly offsetting the sell-off seen in the previous
session. The major averages all moved higher on the day, with the
tech-heavy Nasdaq leading the rebound.
After plunging by 1.8 percent Tuesday’s trading, the Nasdaq
(NASDAQI:COMP) surged 203.55 points or 1.3 percent to 15,859.15.
The S&P 500 (SPI:SP500) also jumped 47.45 points or 1.0 percent
to 5,000.62, while the Dow (DOWI:DJI) climbed 151.52 points or 0.4
percent at 38,424.27.
The rebound on Wall Street partly reflected bargain hunting,
with some traders seeing the sharp pullback on Tuesday as a buying
opportunity amid ongoing optimism about the outlook for the
markets.
While yesterday’s hotter-than expected inflation data further
pushed back interest rate cut expectations, signs of continued
strength in the economy is still expected to benefit the markets in
the longer term.
The Federal Reserve is also still likely to begin lower interest
rates sometime in the coming months even if traders have to wait
until June.
Nonetheless, the major averages remained well off their recent
highs ahead of the release of an avalanche of data before the start
of trading on Thursday.
The slew of data due to be released tomorrow includes reports on
weekly jobless claims, retail sales, industrial production and
import and export prices.
Among individual stocks, shares of Lyft (NASDAQ:LYFT)
skyrocketed by 35.1 after the ride-hailing company reported better
than expected fourth quarter results and provided upbeat
guidance.
Investing platform Robinhood (NASDAQ:HOOD) also spiked by 13.0
percent after reporting fourth quarter results that exceeded
analyst estimates on both the top and bottom lines.
On the other hand, shares of Akamai Technologies (NASDAQ:AKAM)
plunged by 8.2 percent after the server network provider reported
better than expected fourth quarter earnings but weaker than
expected revenues.
Sector News
Computer hardware stocks showed a strong move back to the upside
on the day, with the NYSE Arca Computer Hardware Index soaring by
3.4 percent to a record closing high.
Substantial strength also emerged among tobacco stocks, as
reflected by the 3.3 percent spike by the NYSE Arca Tobacco
Index.
Semiconductor, networking and biotechnology stocks also saw
considerable strength, contributing to the rebound by the
tech-heavy Nasdaq.
Most of the other major sectors also rebounded on the day, with
notable strength visible among steel, housing and airline
stocks.
Other Markets
In overseas trading, stock markets across the Asia-Pacific
region moved mostly lower on Wednesday. Japan’s Nikkei 225 Index
slid by 0.7 percent and South Korea’s Kospi slumped by 1.1 percent,
although Hong Kong’s Hang Seng Index bucked the downtrend and
advanced by 0.8 percent.
Meanwhile, the major European markets have moved to the upside
on the day. While the German DAX Index has risen by 0.4 percent,
the French CAC 40 Index and the U.K.’s FTSE 100 Index are both up
by 0.7 percent.
In the bond market, treasuries regained ground following the
sell-off seen in the previous session. As a result, the yield on
the benchmark ten-year note, which moves opposite of its price,
slid 4.9 basis points to 4.267 percent.
Looking Ahead
The avalanche of U.S. economic reports due to be released
Thursday could lead to early indecision on Wall Street, as the vast
amount of data may provide a mixed view of the economy.
Source: RTTNews.com
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