Stock market: “Wall Street” ended sharply, due to technical buying, without conviction

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market reviews. The New York Stock Exchange ended sharply higher on Tuesday, with the sharp drop in the past week causing a pullback, but pessimism still prevailed.

Les gains du secteur de l’énergie ont permis à l’indice phare de la Bourse de Toronto de clôturer en hausse, mardi, pendant que les grands indices américains rebondissaient au lendemain d’une séance de congé pour récupie des partérer per une last week.

To re-consult market news

Stock market indices at close

in Toronto, a S&P / TSX It rose 73.66 points (+0.38%) to 19,257.29 points.

in New York, a S & P500 It rose 89.95 points (+2.45%) to 3,764.79 points.

The Nasdaq It rose 270.95 points (+2.51%) to 11069.30 points.

The daw It closed up 641.47 points (+2.15%) at 30530.25 points.

The almost It rose by $0.0039 (+0.5002%) to $0.7743.

The oil It advanced 1.02 USD (+0.93%) to 110.58 USD.

He went It fell $5.90 (-0.32%) to $1,834.70.

The Bitcoin Earned $586.23 (+2.89%) to $20,867.89.

Context

“Whatever metric you were looking at, the market has fallen a lot and it is time for a rebound,” said Quincy Crosby of LBL Financial.

For the analyst, the move was underlined by operators who bet on a drop in indices and had to buy back to cover themselves.

The VIX index, which measures market volatility, fell slightly, reflecting a slight increase in risk appetite.

The impression was also found in the bond market, where it was abandoned to less safe assets, especially stocks.

The yield on 10-year government bonds, which moves inversely with their prices, rose to 3.28% from 3.22% on Friday (Monday was a holiday in the US).

The indices were driven by the top ratings ratings, from Apple (AAPL) (+3.28%) in Alphabet (GOOG) (+4.11%) via Tesla (+9.35%), Amazon (AMZN) (+2.32%) or Microsoft (MSFT) (+2.46%).

Just Meta (FB) It popped (-4.09% for $157.05), as the group reached an amicable settlement with the US Department of Justice. Facebook has been accused of offering advertisers a choice of who can see their ads, particularly according to racial, social and religious criteria.

“The question is, is this throwback the right one?” , according to Quincy Crosby, referring to a potential market restart, which would have bottomed out.

Judging by trading volume on Tuesday, one of the lowest levels since the beginning of the year, the day after a public holiday, the conviction is lacking and few investors are returning to the market.

Quincy Crosby asked, “Do people really want to take a risk now, not knowing if the Fed (the US central bank) is going to drive us into a recession or if US companies will lower their forecasts?”

In a speech on Tuesday, President of the Federal Reserve Bank of Richmond, Va., Tom Barkin, defended the logic of the US central bank’s slowdown, which is “returning to normal” for the economy, while believing that a recession could have been averted.

Wall Street will be watching Federal Reserve Chair Jerome Powell’s hearings Wednesday before the Senate Banking Committee and on Thursday before the House Financial Services Committee.

Quincy Crosby in particular anticipates pressing questions from elected members of the House of Representatives about “what aggressive stance” by the Federal Reserve, in the midst of accelerating monetary tightening, “will have consequences for the average American.”

On the American company side Spirit Airlines (save) Increased (+7.94% to $22.97) by increasing the takeover bid of its competitor Jet Blue (JBLU) (-1.64%), from $31.50 to $33.50, which values ​​the company at about $3.64 billion. Shareholders will have to decide, at the general meeting on June 30, between a merger with another company, Frontier, or an acquisition by JetBlue.

Wall Street applauded the decision Kellogg (+1.95% to $68.86) to split into three separate companies, to boost the growth of its herbal products business, which is considered the most promising. The Battle Creek (Michigan) group will also create a company that reassembles grain in North America, and the third includes the rest of Kellogg’s activities.

Specialist in electronic signature contracts DocuSign (DOCU) And it fell 1.65% to $59.55 after the announcement of the departure of its CEO, Dan Springer.

Supported by the rating upgrade by Credit Suisse analysts, as well as by higher oil prices, ExxonMobil (XOM)Offered (+6.22% to $91.48) with, in its wake, most of the sector’s values, from Chevron (CVX) (+ 4.19%) in Marathon Oil (MRO) (3.11%).

After a very sensitive week that saw Bitcoin drop below $20,000 on Saturday, the crypto sector has been benefiting from a slight bounce in cryptocurrencies, such as Coinbase (+ 12.24%), Blockchain Riot Control (RIOT) (+9.46%) or Bloc (square foot) (+3.44%).



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