S & P-500 hits closing record, helped by ‘tech’

MARCH-S-SYNTH-SE-6-WALL-STREET-FIN: S & P-500 hits closing record, helped by “techs”



WALL STREET COMPLETED IN DISPERSED ORDER


© Reuters/Brendan McDermid
WALL STREET COMPLETED IN DISPERSED ORDER

par Shreyashi Sanyal, Devik Jain et Sinéad Carew

(Reuters) – The New York Stock Exchange ended in scattered order on Thursday as the Dow Jones finished in the red after IBM’s earnings release but the S & P-500 set a new high in the wake of gains major tech stocks, including Tesla.

The Dow Jones index lost 0.02%, or 6.26 points, to 35,603.08 points.

The larger S & P-500 gained 13.59 points, or 0.30%, to 4,549.78 points.

The Nasdaq Composite advanced by 94.02 points (0.62%) to 15,215.70 points.

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As it continued to climb Wednesday, reaching an unprecedented peak during the session, the Dow Jones fell into the red after IBM posted quarterly revenue below market expectations. The computer giant fell 9.6% in trade.

The S & P-500 ended higher for a seventh straight day, despite the downturn in its energy sector as crude prices retreated amid concerns about demand.

“For the most part, the session has been risk-free, with people turning back to more defensive sectors,” including tech giants, said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance in Charlotte, North Carolina.

“We see that oil is slightly down today, so there are potentially some global concerns about growth. There are also concerns about inflation,” he said.

As the quarterly earnings season kicked off last week, analysts expect S&P-500 company revenues to grow 33.7% year-on-year, according to Refinitiv data.

On the securities side, Tesla was the main catalyst for the Nasdaq, growing 3% the day after the publication of a quarterly turnover above Wall Street expectations, even though the automaker has warned that the disruptions in the chains of supply could put pressure on its margins in the coming quarters.

HP Inc jumped 6.9% on raising its price target, after reporting revised upward guidance for fiscal year 2022.

(French version Jean Terzian)

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