Dow Rises Modestly As Wall St. Tries To Recover| MENAFN.COM

Monday, 15 August 2022 06:45 GMT

Dow Rises Modestly As Wall St. Tries To Recover


(MENAFN- Baystreet.ca) Dow Rises Modestly as Wall St. Tries to Recover






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Stocks fluctuated on Wednesday, after the major averages made a failed attempt at a bounce in the previous session, and as the market prepares to close out the worst first half of the year since 1970.
The Dow Jones Industrial ended positive 82.32 points to 31,029.31.
The S&P 500 sagged 2.72 points to 3,818.
The NASDAQ Composite dipped 3.65 points to 11,183.78.
Investors are still searching for the bottom of a vicious market selloff as the second quarter comes to an end Thursday. Concern over a slowing economy and aggressive rate hikes consumed much of the first half of 2022, and fears of a recession fears are rising.
The S&P 500, which is down about 20% in 2022, is on pace for its worst first half of the year since 1970, when the index lost 21.01%.
Meanwhile, on a quarterly basis, both the Dow and S&P 500 are on track for their worst performance since 2020. The NASDAQ is headed toward its worst three-month period since 2008.
On Wednesday, General Mills shares rose 6.4% after the company topped earnings and revenue forecasts for its most recent quarter.
Shares of Goldman Sachs rose 1.3% after Bank of America upgraded them to a buy and said the bank will thrive even in an economic slowdown.
Tech stocks were among the top gainers in the Dow and S&P. Amazon rose nearly 1.4% after JPMorgan reiterated its overweight rating on the stock and Redburn initiated it at a buy. Meta Platforms was up 2%, while Apple and Microsoft gained more than 1% each.
Meanwhile, chipmakers led declines after Bank of America downgraded several chip stocks due to rising competition. Teradyne fell 5.2%. Advanced Micro Devices and Micron each lost more than 4%.
Carnival slid 14.1% after Morgan Stanley cut its price target on the stock in half and said it could potentially go to zero in the face of another demand shock.
The call dragged other cruise stocks lower. Royal Caribbean and Norwegian Cruise Line Holdings fell 10.3% and 9.3%, respectively.
Bed Bath & Beyond shares plummeted 23.6% after the company posted a huge miss on quarterly earnings.
On Wednesday Federal Reserve Bank of Cleveland President Loretta Mester said she will advocate for a 75-basis-point hike to interest rates at the central bank's July meeting if economic conditions remain the same by then.
Investors are also looking ahead to comments from Federal Reserve Chairman Jerome Powell at a European Central Bank forum.
Treasury prices strengthened, lowering yields to 3.10% from Tuesday's 3.19%. Treasury prices and yields move in opposite directions.
Oil prices lost $2.52 to $109.24 U.S. a barrel.
Gold prices retreated 90 cents to $1,820.30 U.S. an ounce.









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