Business & Investment

S & P regains power lost in last week’s plunge

The S & P 500 rose Thursday, surpassing a record high a week ago as the market fully recovered the losses caused by the Fed’s surprising policy pivot.

The 30 Dow Jones Industrial Averages fell below their morning highs, but rose 217.87 points to 34,092.11.

The S & P 500 regained its previous record on June 14th, returning 22.47 points to 4,264.31.

The Nasdaq rose 113.92 points (1%) to break the daytime record of 14,385.65.

A wide range of stock groups acquired to push the benchmark to new highs. Communications services, consumer discretion, healthcare and technology were the best performing sectors. Tesla added more than 4%, while GM and caterpillar each increased by about 1%.

The Dow Jones Industrial Average suffered a 3.5% loss in the worst week since October last week after the Fed raised inflation expectations and predicted a rate hike in 2023. Feelings like a hawk. The S & P 500 fell 1.9% last week.

According to data on Thursday, unemployment claims totaled 411,000 for the week ending June 19, more than the estimated 380,000 economists polled by Dow Jones.

The price of 10-year Treasuries remained unchanged, maintaining a yield of 1.49% on Wednesday. Treasury prices and yields move in the opposite direction.

Crude oil prices rose 29 cents to $ 73.37 a barrel.

Gold prices fell from $ 2.20 to $ 1,781.20 per ounce.

S & P regains power lost in last week’s plunge

S & P regains power lost in last week’s plunge

https://www.baystreet.ca/articles/market_updates_us.aspx?articleid=68130 S & P regains power lost in last week’s plunge

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