Wall Street on the rise again – Strong price gains for energy stocks

Trader on the New York Stock Exchange

View of the trading floor of the New York Stock Exchange.

(Photo: dpa)

Frankfurt, New York US investors are taking advantage of the recent price losses to re-enter the stock market. The leading indices Dow Jones, Nasdaq and S&P 500 rose by around one percent each when they opened on Wednesday.

Wall Street was also boosted by slightly better-than-expected labor market data. In addition, the initial shock about the US Federal Reserve Chairman Jerome Powell’s announced accelerated throttling of securities purchases has been overcome, said Rick Meckler, partner at asset manager Cherry Lane. “Investors are realizing the Fed needs to adjust its policies.” Passivity could pose a greater risk to markets than opposing inflation.

Chris Senyek, strategist at Wolfe Research, wrote in a communication to his clients: “We believe that the recent sell-off is a longer-term buying opportunity. However, investors who want to avoid a potentially large loss (and avoid potential price gains) should wait until the US Federal Reserve’s meeting on December 15th ”.

For the individual values, Salesforce came under pressure against the trend. The SAP rival raised its full-year targets. But this remains below market expectations, wrote analyst Brent Thill of the investment bank Jefferies. The problems with the subsidiary MuleSoft would certainly be solved quickly. Salesforce titles slipped nearly five percent.

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Energy stocks posted strong gains. Occidental Petroleum and Baker Hughes stocks rose more than three percent each, while WTI oil prices rose about four percent to nearly $ 69 a barrel.

US stock market expert Koch: “Two factors are causing uncertainty on Wall Street”

Look at individual values

Hewlett Packard Enterprise: Shares were down 2.6 percent after the company missed analysts’ expectations for quarterly sales. Hewlett Packard reported sales of $ 7.35 billion, below the consensus forecast of $ 7.38 billion. However, Hewlett Packard Enterprise’s earnings were four cents per share above consensus.

Goldman Sachs / Amazon: Both stocks benefited from CNBC announcement that the bank is launching a cloud service from Amazon for Wall Street retailers. The new service is called GS Financial Cloud for Data with Amazon Web Services. Goldman stock rose 1.8 percent, while Amazon rose 0.7 percent.

Doordash: The stock of the food delivery company rose more than 1.3 percent after the analyst firm Gordon Haskett upgraded the stock from “Hold” to “Buy”. The company said the Omikron variant could trigger an upswing for the food delivery app if Covid fears flare up again.

More: Fed Chairman Powell warns of continued high inflation – and holds out the prospect of a reduction in bond purchases

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