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Tech, health care stocks lead Wall Street indexes higher – Press Telegram

By DAMIAN J. TROISE and ALEX VEIGA

Healthcare and tech companies led a widespread rally of stocks on Wall Street on Tuesday, and investors welcomed another batch to encourage corporate earnings reporting.

The S & P 500 rose 0.7%, pushing the benchmark index up for the fifth consecutive year. The Dow Jones Industrial Average rose 0.6% and the tech-heavy Nasdaq rose 0.7%.

Among the winners in the tech sector were Apple, which rose 1.5%, and software maker Adobe, which rose 2.1%. Johnson & Johnson, the world’s largest manufacturer of healthcare products, rose 2.3% after raising its earnings forecast the following year when strong earnings were announced in the third quarter.

Tom Heinlin, a domestic investment strategist at US Bankwealth Management, said: “So far, the results have been obtained and there are no significant downgrades to the outlook.”

The S & P 500 rose 33.17 points to 4,519.63. The index was within 0.4% of the all-time high set on September 2. The Dow rose 198.70 points to 34,457.31. Nasdaq rose 107.28 points to 15,129.09.

SME stocks also rose. The Russell 2000 Index rose 8.07 points (0.4%) to 2,275.91.

As investors continue to monitor corporate profits for clues as to how companies will move forward throughout the year in dealing with rising inflation, slow global supply chains, and slowing economic recovery. A widespread rise in stocks follows a mixed start of the week.

JJ Ameritrade’s chief strategist, JJ Kinahan, said: “But the big picture is still pretty positive.”

He said these supply chain issues will have a number of implications for businesses and industries, such as how to absorb costs and whether to raise prices. Procter & Gamble fell 1.2% after saying it would raise prices as it faces rising goods and fares.

But so far, rising oil prices and other costs haven’t significantly reduced the company’s rate of return, Heinlin said.

Overall, FactSet polled analysts predict that S & P 500 revenues will increase by 30% from 23% in June.

The first exchange-traded fund to track Bitcoin futures rose 4.7% on Tuesday’s market debut. Reflecting the growing interest in cryptocurrencies, ProShares Bitcoin Strategic ETFs were very popular.

ProShares Bitcoin Strategies ETFs invest in Bitcoin futures contracts rather than the currency itself, but provide a potentially easy way for some investors to enter the fast-growing crypto world To do. According to CoinDesk, Bitcoin prices have risen 4.5%. It is about 1.2% below the all-time high of $ 64,888.99 per coin.

Bond yields have risen. Yields on 10-year Treasuries rose from 1.58% late Monday to 1.64%.

Energy stocks rose as oil prices rose 0.6%. ExxonMobil rose 1.5%. US crude oil prices are rising 73% annually, while natural gas prices are rising about 81%. Prices are skyrocketing as the global economic recovery drives demand and raises concerns about the global energy crisis.

Insurer Travelers rose 1.6% after easily surpassing Wall Street’s third-quarter earnings forecast. Other big companies, including streaming entertainment giant Netflix and United Airlines, will report the results after the market closes.

Some significant returns from airlines this week will also give investors a clearer picture of the impact from the surge in COVID-19 cases during the summer. American Airlines and Southwest Airlines will report their results on Thursday.

Aside from revenue, the Commerce Department reported that US home construction fell 1.6% in September as builders continue to stumble due to supply chain bottlenecks. The share of homebuilders was weak. Beazer Homes decreased 2.7% and Hovnanian Enterprises decreased 3%.

Tech, health care stocks lead Wall Street indexes higher – Press Telegram Source link Tech, health care stocks lead Wall Street indexes higher – Press Telegram

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