Saturday , July 24 2021

Wall Street closes on the eve of the holiday with a return to ascending trend – observer

The New York Stock Exchange closed on Wednesday, on the eve of the bullish holiday, recovering part of its loss for two consecutive days of sharp decline thanks to the resumption of technology and energy bonds.

The final session results show that the Nasdaq rose 0.92% to 6,972.25 points, while the expanded S & P500 rose 0.30% to 2,649.93. The average Dow Jones Industrial Average finished almost unchanged, closing at 24,464.69 units injured by Johnson & Johnson's withdrawal, which lost 3.05%.

"Tuesday's meeting has already indicated a recovery in technological values, which was confirmed today," said Tom Cahill of Ventura Wealth Management. As a result, large technology groups advanced on Wednesday, such as Amazon (1.42%), Facebook (1.80%), and Alphabet (parent of Google), which rose by 1.26%.

"This shows that investment portfolio managers are hunting good deals," he said, referring to the sharp fall in these two-interest securities in relation to their recent growth.

On the contrary, Apple, which has been under pressure for one and a half months, due to worries about its sales behavior at the end of the year, has declined again (0.11%), increasing losses after the record in early October about 23.8%.

Bloomberg said Chinese subcontractor Foxconn, a Japanese sub-contractor, is preparing to cut costs by 20 billion yuan (2.5 billion euros). This information intensified ongoing concerns about Apple's iPhone flagship production levels.

Oil companies, on the other hand, benefited from oil price hikes on the day after falling prices by 6%, with Chevron and ExxonMobil respectively rising 1.27% and 0.77%

Two days later, when the three most emblematic Wall Street indices lost more than 1%, "investors pay attention to the optimistic assumptions that the US central bank has finally calmed down the interest rates that the US and China have resumed trade talks and analysts to calm down after they have adopted excessive blood-borne behavior with regard to corporate profits, "said Sam Stoval of CFRA. "If these scenarios happen, the recent stock market crashes can encourage investors to return to the market before the end of the year," he added.

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