S&P 500 rises back above 4,400, ends week in positive territory

Get real time updates directly on you device, subscribe now.

  • US stocks rose at the end of trade after a broadly positive session, as bets on the Fed eased after weaker wage data.
  • The S&P 500 closed back above the 4,400 level to close 2.4% higher and end the week in the positive.
  • Apple led the charge after positive fourth-quarter earnings and record iPhone sales.

US stock markets posted solid gains on the last trading day of the week. The S&P 500 gained 2.4% to close at 4,430, the Nasdaq 100 gained 3.2% to close just below 14.45K after bouncing back off 14,000 and the Dow gained 1.7% to rise above 34,700 from a drop of the previous session below 34,000. Much of the rise came late in trade, but stocks also got a boost after fourth-quarter US Employment Cost Index data showed a sharper-than-expected slowdown in wage pressures, news analysts said the Fed would receive relief, reducing the likelihood of a higher than 50 bps hike in March. As a result, bond yields have dipped on the session, helping tech/growth names outperform, after a tough week for these stocks as market participants raised bets tighter after Fed Chairman Jerome Powell’s hawkish comments after the Fed meeting.

The market was led by a more than 6% rise in Apple’s share price back to $170, a more than 9% rebound from previous weekly lows below $155, leaving the stock only slightly over 7.0% above recent all-time highs at $183. The company posted better-than-expected earnings results for the fourth quarter after the close on Thursday, with iPhone sales for the quarter hitting a new record. Apple’s results come on the heels of a very busy recent earnings session, with 168 of the 505 S&P 500 companies now reporting the fourth quarter. According to Refinitiv data cited by Reuters, 77% of those companies have beaten analysts’ expectations.

But the S&P 500 only closed the week up 0.8%, the Dow 1.3% and the Nasdaq 100 0.1%. Analysts noted that investors have been more focused on earnings guidance, especially in relation to how current global supply chain snags are expected to affect earnings in coming quarters. On this subject, the news has been mixed this week. Recall that Tesla collapsed more than 10% on Thursday due to negative comments about the impact of supply chains in the coming months. Separately, Caterpillar’s share price, seen as an indicator of the health of the global economy, fell more than 5.0% on Friday after the co. warned of higher production and labor costs.

Additional technical levels

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

buy kamagra buy kamagra online $255 payday loans online same day no denial payday loans direct lenders only