Wall Street rallied Wednesday, ending sharply higher as a moratorium on rate hikes gave megacap growth stocks more momentum and strong earnings reports also encouraged investor buying. The benchmark 10-year US Treasury bond yield fell from a multi-year high set in the previous session, stabilizing global market sentiment and spurring demand for growth stocks. The meta platform has surged, ending four big drops, during which he lost nearly a third of his value. The biggest drivers of the S&P 500 were Nvidia and Microsoft.
The Nasdaq Composite was up 2.08% to 14,490.37. Investors will look to Thursday’s consumer price data for clues about the Federal Reserve’s rate hike plans. Last week’s unexpectedly strong jobs data raised concerns about a more aggressive move by the central bank. Inflation is projected to be 7.3%, the highest in his 40 years. Atlanta Federal Reserve Bank President Bostic said the U.S. economy may be headed for a slowdown in inflation.
Real Estate is one of the strongest of the S&P 500’s 11 sector indices. “The bond market basically says there is an upper or limit to the likelihood that the Fed will hike rates. is a Portfolio Strategist at Ingalls & Snyder in New York. The tech stock Nasdaq, which has been plagued by fears of rising interest rates, is down nearly 8% so far this year after gaining nearly 21% in 2021. Unofficially, the Dow Jones Industrial Average is down 0.86%. Up to close at 35,768.99 points, the S&P 500 rose 1.45% to close at 4,587.21.
Of his 316 companies in the S&P 500 that have reported earnings so far, 78% have beaten analysts’ expectations, according to Refinitiv data. Chipotle Mexican Grill beat earnings and sales expectations, while KFC’s parent Yum Brands beat sales expectations. Enphase Energy Inc jumped on the strong results, boosting other solar stocks such as SunPower Corp and SolarEdge Technologies Inc. CVS Health Corp fell as its 2022 earnings forecast fell short of Wall Street expectations.
- Wall Street finishes significantly higher thanks to Big Tech
- Check all news and articles from the latest Business news updates.