October 6, 2022

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Wall Street extended its recent gains, led by major companies

Wall Street extended its recent gains, led by major companies

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 22, 2022. REUTERS/Brendan McDermid/File Photo

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  • China cuts key interest rates with disappointing economic data
  • Growth outweighs value
  • Walmart stock rises ahead of Tuesday’s results
  • Indexes rally: Dow 0.5%, S&P 500 0.4%, Nasdaq 0.5%

NEW YORK (Reuters) – U.S. stocks rose in afternoon trade on Monday, adding to recent strong gains, with huge growth stocks rising as U.S. Treasury yields tumbled.

Shares of Apple Inc (AAPL.O)up 0.5%, and Microsoft (MSFT.O)which was also up 0.5%, were among the biggest boosters to the S&P 500 and Nasdaq.

Treasury yields fell slightly, while China’s central bank cut lending rates in a surprise move to revive demand after the economy unexpectedly slowed in July. Read more

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Stocks extended gains from last week when signs that inflation had peaked in July increased investor confidence that a bull market might be on its way.

Some investors are also becoming more convinced that the economy may avoid severe deflation even as it deals with rising inflation.

“We’re back to growth well relative to value, and market participants are looking at (the Federal Reserve) and saying, ‘Hey, they’re going to cut rates here sooner than we know, and that’s going to be good for us,’ said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. : “Stock market”.

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Higher interest rates can lower stock multiples, especially technology stocks and other growth stocks.

Dow Jones Industrial Average (.DJI) The Standard & Poor’s Index rose 152.89 points, or 0.45%, to 33,913.94 points (.SPX) It rose 15.65 points, or 0.37%, to 4295.8 points, and the Nasdaq Composite (nineteenth) It added 65.58 points, or 0.5%, to 13112.76 points.

S&P قيمة Value Index (.IVX) The growth index rose 0.3%. (.IGX) It rose 0.5%.

Quarterly reports from major retailers are expected this week and will conclude the reporting period for the second quarter. Results from Walmart Inc (WMT.N) Tuesday. Read More Walmart stock rose 0.3%.

Shares of US e-commerce giant Alibaba Holdings Inc fell 0.9 percent.

Advance issues outnumbered declining issues on the New York Stock Exchange by 1.03 to 1; On the Nasdaq, the 1.20 to 1 ratio favored heights.

S&P 500 posted 7 new 52-week highs and 29 new lows; The Nasdaq Composite recorded 67 new highs and 25 new lows.

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Covering by Caroline Valitkevich in New York Additional reporting by Bansari Mayor Kamdar, Susan Mathew and Sruthi Shankar in Bengaluru Editing by Aaron Koyor and Matthew Lewis

Our criteria: Thomson Reuters Trust Principles.