The Wall Street index started the week with a positive sign as investors drew on the encouraging statements of US President Joe Biden about the possibility of reconsidering the tariffs against China.
The indexes have been in a downward spiral in recent weeks, with the Dow Jones Industrial Average completing eight consecutive weeks of falling last week in its worst run since April 1932. The broader S&P 500 and tech Nasdaq completed seven weeks of decline, marking worst series since March 2001.
The S&P 500 crashed into a bear market last Friday, recording total losses of more than 20% from its last high, however it finally managed to regain the positive sign and close with marginal gains.
Market turmoil follows a global wave of concern over the risk of the West’s largest central banks turning sharply to tighter monetary policies to curb the inflation rally to derail the economic recovery leading to a recession. The US Federal Reserve and the Bank of England have already raised interest rates in succession, and the European Central Bank is preparing to abandon its zero-interest rate policy over the summer.
Indicators – Statistics
On the board, the Dow Jones gained 335.22 points or 1.07% to 31,597.12 points, while the broader S&P 500 adds 26.00 points or 0.67% to 3,927.36 points. The technology Nasdaq is up 12.55 points or 0.10% at 11,365.48 points.
Of the 30 stocks that make up the Dow Jones industrial average, 24 are moving with a positive sign and six with a negative one. JPMorgan Chase gained the biggest gain with $ 4.32 or 3.68% at $ 121.66, followed by American Express at $ 157.98 with an increase of 3.09% and Visa with earnings of 2, 26% to $ 203.53
On the other hand, the three stocks with the biggest losses are Salesforce (-1.72%), Home Depot (-1.41%) and Nike (-1.36%).
US President Joe Biden’s statements that the tariffs imposed on China during Trump’s presidency are being assessed today and there will be a discussion with the Minister of Finance Janet Yellen when she returns from her trip abroad.
The abolition or suspension of some tariffs could boost the economy at a time when the pressure from Fed rate hikes is becoming more pronounced. At the end of the week, moreover, investors will have the opportunity to evaluate the latest data on the course of prices as the price index for personal consumption, the Fed’s preferred index for inflation, will be announced. The data are at the heart of the central bank’s analysis of monetary policy decisions.
In business developments, shares of VMware Inc. jump more than 20% amid reports that chip company Broadcom Inc. is in conspiracies to acquire the business cloud computing company.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
