Stock Market: Wall Street closes higher, bargain hunt and confidence in the US economy

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market reviews. The New York Stock Exchange closed higher on Thursday, buoyed by bargain hunting and the sentiment that while the US economy is slowing, it remains in good shape.

A broad rally led by the technology and materials sectors helped the Toronto Stock Exchange close higher on Thursday as investors continued to interpret the Bank of Canada’s comments and looked for signs that interest rates are beginning to slow the economy and curb inflation.

To re-consult market news

Stock market indices at close

in Toronto, a S&P / TSX It closed up 318.09 points (+1.54%) at 21031.81 points.

in New York, a S & P500 It rose 75.59 points (+1.84%) to 4176.82 points.

The Nasdaq Up 322.44 points (+2.69%) at 12,316.90 points.

The daw It rose 435.05 points (+1.33%) to 33248.28 points.

The almost It rose by $0.0053 (+0.6753%) to $0.7954.

The oil Earn $2.16 (+1.87%) to $117.42.

He went It rose to $23.80 (+1.29%) to $1,872.50.

The Bitcoin It rose by $714.06 (+2.42%) to $3,0275.27.

Context

Thursday’s recovery was supported by bargain buying after two consecutive sessions of decline, according to LPL Financial’s Quincy Krosby. “It’s still attractive,” she explained.

Technology and growth stocks have particularly benefited from this movement. Tesla (+4.68%) in Alphabet (GOOG) (+3.16%) via Amazon (AMZN) (+3.15%).

Meta (FB) (formerly Facebook) did better (+5.42% to $198.86), after leaving on Wednesday, following the announcement of the resignation of second seed Sheryl Sandberg, a key figure in the social network’s transformation into a tyrannical force.

The overall tone has also been favorable to technology, according to Quincy Krosby, given some good results posted this week, particularly a customer relations specialist. Salesforce (CRM) (+7.00% to $188.40), raising its full-year earnings forecast.

Even lower expectations Microsoft (MSFT) (+0.79% to $274.58), however, one of the more reliable combinations of technology in terms of results, was not enough to disrupt the New York market.

The notable rise in the value of the dollar is punishing the group’s overseas sales, which prompted the Redmond (Washington) giant to revise its turnover and earnings forecast for the fourth quarter (April-June).

For Edward Moya, of Oanda, some were also encouraged to take positions ahead of the Labor Department’s release, Friday, of the US employment report.

“Traders are anticipating a slowdown in the labor market, which may slightly ease inflation fears,” the analyst said.

On Thursday, ADP reported that 128,000 jobs were created in May in the private sector, less than half of what economists had expected (295K).

Additionally, the April numbers were revised down from 247,000 to 202,000 job creation.

“The ADP report has been out of reality for two years,” yet Tower Bridge Advisors’ Maris Og has softened. “I don’t think you need to pay much attention to it.”

The last ray of sunshine on Wall Street, the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ allies announced a higher-than-expected increase in their production in July.

“This is significant,” Peter McNally of Third Bridge commented, as “for two years this is the first deviation from the planned increases.”

Unsurprisingly, the only companies that didn’t benefit from this acceleration were oil stocks, which were among the few that fared better than the float since the start of the year.

ConocoPhillips (COP) (-0.68%), Occidental Petroleum (OXY) (-1.59%) or Marathon Oil (MRO) (-0.57%) They all closed in the red.

Remote Computing Specialist (Cloud) Hewlett Packard Enterprise (HPE) Penalized (-5.20% to $14.96) after results were published just below expectations.

The group, which was born out of the Hewlett-Packard Corporation split in 2015, has revised its earnings forecast for the 2022 fiscal year downward.

On the other hand, Wall Street praised the better-than-expected results of the multi-brand ready-to-wear group HPV (HPV) (1.91% to $72.47), driven by the dynamism of the Calvin Klein brand, especially in North America.

The banner of the “Mimitation Shares” movement (stocks paid for by small owners), GameStop (GME)a gain (+10.38% to $134.00), despite a loss that nearly tripled in one year, in parallel with an increase in turnover.



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