WALL STREET FINISHES UP, DRIVEN BY HIGH-GROWTH SECURITIES
by Amruta Khandekar and Noel Randewich
(Archyde.com) – The New York Stock Exchange ended sharply higher on Tuesday, lifted by high-growth stocks including Apple and Tesla, as April retail sales data in the United States eased worries about the slowdown of economic growth.
The Dow Jones index gained 1.34% to 32,654.59 points.
The broader S&P-500 gained 2.02% to 4,088.85 points.
The Nasdaq Composite advanced for its part by 2.76% to 11,984.52 points.
Ten of the eleven major sectors of the S&P-500 rose, led by financials and technology, up more than 2%.
Investors were reassured by the release in the day of data from the US Commerce Department indicating that retail sales rose 0.9% last month, thanks in part to an increase in footfall in restaurants despite the surge. of inflation.
Struggling recently, Microsoft, Apple, Tesla and Amazon posted gains, between 2% and 5.1%, and helped lift the S&P-500 and Nasdaq.
This rebound on Wall Street, which was not limited to high-growth stocks, comes after a strong downward trend in recent weeks, with the S&P-500 having plunged last week to its lowest level since March 2021.
Other official data released on Tuesday showed that manufacturing output in the United States accelerated more than expected last month.
“That’s consistent with continued economic growth in the second half,” said Bill Adams, chief economist at Comerica Bank in Dallas.
Federal Reserve (Fed) Chairman Jerome Powell said today that the US central bank will continue to tighten monetary policy until it sees inflation in the country come down.
Traders estimate an 85% chance that the Fed will decide in June to raise interest rates by 50 basis points.
Walmart plunged 11.4% after lowering its annual profit target as margins suffered from inflation.
Conversely, United Airlines rose 7.9% after raising its annual revenue forecast, dragging in its wake the shares of Delta Air, American Airlines and Spirit Airlines.
(French version Jean Terzian)