U.S. Stocks Close On Bright Note Despite Coming Off Day’s Highs
April 22 2024 - 4:38PM
IH Market News
U.S. stocks climbed higher on Monday with those from the
technology sector turning in a fine performance, as traders
indulged in some bargain hunting after recent losses. Easing
worries about Middle East tensions helped underpin sentiment.
The major averages all closed on a firm note. The Dow ended with
a gain of 253.78 points or 0.67 percent at 38,239.98, more than 200
points off the day’s high of 38,447.16. The S&P 500, which
climbed to 5,038.84, settled at 5,010.60, gaining 43.37 points or
0.87 percent, while the Nasdaq ended higher by 169.30 points or
1.11 percent at 15,451.31, off the day’s high of 15,539.00.
The market gained amid slightly easing fears of a wider Middle
East conflict after Iran and Israel completed ‘measured’
counterattacks that were calibrated to avoid any casualties. A bit
of bargain hunting is contributing as well to the market’s
rise.
Investors awaited a slew of key U.S. economic data this week,
including reports on new home sales, durable goods orders and
personal income and spending.
The Commerce Department’s personal income and spending report
includes readings on inflation said to be preferred by the Federal
Reserve.
Earnings season also starts to pick up steam this week, with
Tesla (NASDAQ:TSLA), Boeing (NYSE:BA), IBM (NYSE:IBM), Caterpillar
(NYSE:CAT), Honeywell (NASDAQ:HON), Alphabet (NASDAQ:GOOGL), Intel
(NASDAQ:INTC), Microsoft (NASDAQ:MSFT), Chevron (NYSE:CVX) and
Exxon Mobil (NYSE:XOM) among the companies due to report their
quarterly results.
Goldman Sachs and JPMorgan Chase climbed 3.3% percent and about
2%, respectively. Procter & Gamble gained 1.5 percent.
Amazon, McDonald, Chevron, Amgen and Walmart gained 1 to 1.5
percent.
Salesforce.com shares gained more than 1 percent after the
company backed away from its talks to acquire data-management
software firm Informatica.
Ford Motor rallied more than 6 percent. United Airlines Holdings
gained about 5 percent. Nvidia climbed 4.35 percent. Citigroup,
Delta Airlines, Seagate Technology, Moderna and American Airlines
also ended sharply higher.
Verizon ended 4.7 percent down. The company, which announced
weak profit and slightly higher revenues in its first quarter,
maintained its fiscal 2024 earnings outlook. For 2024, Verizon
continues to expect adjusted earnings per share of $4.50 to
$4.70.
Tesla drifted down 3.4 percent, on concerns over gross margins
after the company lowered prices in several markets.
In overseas trading, stock markets across the Asia-Pacific
region moved mostly higher during trading on Monday. Japan’s Nikkei
225 Index jumped by 1.0 percent, while Hong Kong’s Hang Seng Index
surged by 1.8 percent.
The major European markets also moved to the upside on the day.
While the U.K.’s FTSE 100 Index shot up by 1.62 percent, the German
DAX Index climbed 0.7 percent and the French CAC 40 Index ended up
by 0.22 percent.
In commodities trading, crude oil futures ended down $0.29 at
$82.35 a barrel. Gold futures dropped $66.20 or about 2.76 percent,
to $2,332.20 an ounce.
On the currency front, the U.S. dollar was up at 154.84 yen
versus the 154.64 yen it fetched at the close of New Yourk trading
on Friday. Against the euro, the dollar was at 1.0655, compared to
last Friday’s $1.0656.
SOURCE: RTTNEWS
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