Sunday, June 4, 2023

NASDAQ Back to the Upward Trend

Stocks rose broadly on Wednesday, as strong gains in tech helped the NASDAQ rebound after a losing session. Easing of concerns about the health of the banking sector also boosted morale.

The Dow Jones Industrial Average closed at 32,598.69, up 204.44 points.

The S&P 500 closed at 4,011.48, a recovery of 40.21 points, or 1%.

The NASDAQ closed down 158.69 points, or 1.4%, at 11,874.77.

Big tech shares also rose, with Meta, Amazon, Netflix and Apple rising more than 1% each.

Micron shares climbed more than 5% after the chipmaker posted its fiscal second-quarter figures. Other semiconductor names followed Micron Higher. Nvidia and AMD both popped more than 1%

Regional banks grew widely. Big banks like Citigroup and Goldman Sachs also moved in.

On the economic front, pending home sales in the US rose 0.8% last month, while sales were down 21.1% from a year earlier. Economists polled by Dow Jones forecast a 3% decline in February, down from an 8.1% increase the previous month.

Prices regained lost strength for the 10-year Treasury, pulling the yield as low as Tuesday’s 3.56%. Treasury prices and yields move in opposite directions.

Oil prices rose 35 cents to US$73.55 a barrel.

Gold prices recovered by $5.30 to US$1,985.10 an ounce.

Times of National
Times of National
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