July 3, 2022

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Wall Street climbs to a higher close with the support of banks and big technology

Wall Street climbs to a higher close with the support of banks and big technology

NEW YORK (Reuters) – U.S. stocks closed higher on Monday as gains from banks and a rebound from mega market leaders fueled a broad-based rebound after the longest series of weekly declines on Wall Street since the dotcom crash more than 20 years ago.

All three major US stock indices posted solid gains, with the biggest increase being provided by the rebound in tech stocks and tech-neighbourly growth, notably Apple Inc. (AAPL.O) and Microsoft Corporation (MSFT.O).

Interest rate sensitive banks (.SPXBK) Soar after soared, the largest US lender, JPMorgan Chase & Co (JPM.N) It raised its interest income forecast for the current year. Read more

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“It looks more like a recovery than a fundamental change in investor sentiment,” said Oliver Burch, senior vice president of Wealthsper Advisors in New York. “Investors as a whole feel there is another shoe to let go and may be right in the short term.”

On Friday, the S&P 500 closed 18.7% below its record closing high on January 3. If the benchmark index closes 20% or more below this record, it will confirm that it has been in a bear market since then.

Markets have been turbulent in recent weeks due to fears of persistently high inflation and aggressive attempts by the Federal Reserve to rein in it as the global economy deals with the fallout from Russia’s invasion of Ukraine.

“The market today appears to be less fearful of the inflation factor and the Fed’s ability to orchestrate a soft landing so to speak,” said Chuck Carlson, CEO of Horizon Investment Services in Hammond, Indiana.

“(But) the bias is still on the downside,” Carlson added.

Market participants can get a hint of the Fed’s state of mind when the minutes of its latest policy meeting are released on Wednesday. FEDWATCH

A series of economic indicators this week may provide further support to the notion that inflation peaked in March, as well as whether higher prices have hurt the purchasing power of consumers.

A series of dire warnings from retailers last week, including Walmart (WMT.N) and target company (TGT.N) raised such concerns.

According to preliminary data, the S&P 500 . index (.SPX) It gained 71.46 points, or 1.83%, to close at 3,972.82 points, while the Nasdaq Composite Index. (nineteenth) It rose 182.40 points, or 1.61%, to 11,531.91 points. Dow Jones Industrial Average (.DJI) It rose 625.10 points, or 2.00%, to 31887.00 points.

The first-quarter reporting season is coming to a close, with 474 companies in the S&P 500 publishing their results. Of those, 78% exceeded expectations, according to Refinitiv.

Looking ahead, advances for the current quarter are generally pessimistic, with 59 negative forecasts and 32 positive, compared to last year’s quarter 37 negative and 52 positive forecast per Refinitiv.

VMWare Inc. Shares (VMW.N) Following reports over the weekend from chip maker Broadcom (AVGO.O) It was in talks to acquire a cloud service provider. Broadcom stock fell on the news. Read more

Stephen Kolb reports. Additional reporting by Devik Jain and Anisha Sircar in Bengaluru; Editing by David Gregorio

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