A late afternoon rally in tech stocks helped erase most of the markets’ losses on Friday, though it wasn’t enough to prevent the major indexes from posting their second consecutive week of losses.
The S&P 500 gained 0.1% in the final minutes of trading after falling about 1% earlier in the day. The tech-heavy Nasdaq rallied from a 0.8% decline to post a 0.6% gain. The Dow Jones Industrial Average fell 0.6%.
The rally in tech stocks, along with gains in energy and other sectors, helped offset declines in banks and elsewhere in the market at a time when investors were mostly focused on a mix of reports on corporate profits and discouraging retail sales data.
The mixed end capped a choppy week of trading on Wall Street that compounded January’s market slump. The benchmark S&P 500, which climbed 26.9% in 2021, is now about 2.8% below the all-time high it hit on Jan. 3.
Stocks have clearly gotten off to a slow start since the start of the year, but maybe for good reason, said Terry Sandven, chief equity strategist at US Bank Wealth Management. There may be some profit taking and some time to digest after these strong returns, especially as we transition to a new regime of higher inflation and a less accommodative Federal Reserve.
The S&P 500 rose 3.82 points to 4,662.85, while the Nasdaq gained 86.94 points to 14,893.75. The Dow fell 201.81 points to 35,911.81.
The Commerce Department reported Friday that retail sales fell 1.9% in December. after Americans cut spending in the face of product shortages, rising prices, and the appearance of the omicron variant.
That’s a lot of bad things happening in a short time during one of the strongest retail months of the year, said Robert Cantwell, portfolio manager at Upholdings.
A wide range of retailers and other businesses that rely on direct consumer spending fell on the weak retail sales report. Home Depot fell 3.9% and Whirlpool 4.3%.
The disappointing retail trade report is the latest in a series of economic reports this week that have raised concerns about inflation and its impact on businesses and consumer spending.
The Ministry of Labor announced on Wednesday that consumer inflation jumped at the fastest pace in nearly 40 years last month, a 7% spike from a year earlier that is boosting household spending and biting into wage gains. The government agency also reported on Thursday that wholesale prices had jumped by a record 9.7% for all of 2021.
Rising prices have prompted companies to pass on more costs to consumers. Consumers cut spending in department stores, restaurants and online due to rising prices and supply shortages.
Businesses are also feeling the impact of inflation. Paint maker Sherwin-Williams fell 2.8% after reporting disappointing fourth-quarter results due to raw material costs and supply chain issues. Boston Beer, which makes Sam Adams beer, fell 8.1% after it cut its profit forecast due to supply chain issues.
Concerns about the persistent rise in inflation are also prompting the Federal Reserve to reduce its bond purchases and consider raising interest rates sooner and more often than Wall Street expected less than a year ago.
Our belief is that the backdrop is still supportive for (equity) prices, but we are seeing a reset in valuations, and that’s a function of interest rates trending a bit higher, Sandven said.
Bond yields rose. The 10-year Treasury yield rose to 1.79% from 1.70% on Thursday evening.
JPMorgan Chase fell 6.2% for the biggest drop in the S&P 500 after announcing that its profits fell 14% in the last quarter from a year earlier as its trading activities slumped. Citigroup fell 1.3% after reporting its latest results.
The late wave of tech stock buying helped temper market losses. Microsoft increased by 1.8%
The price of US crude oil rose 2.1% and helped energy stocks rise. Marathon Oil rose 4.9%.
Small company stocks also rebounded from an early plunge. The Russell 2000 Index rose 3.02 points, or 0.1%, to 2,162.46.
The mention sources can contact us to remove/changing this article
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]
- Lara Trump: Bring Hillary Clinton Vs. Donald Trump’s 2024 Rematch January 15, 2022
- Merger of talent agencies CAA and ICM attracts the attention of the DOJ January 15, 2022
- Facebook, Google CEO aware of formal advertising market transactions, proceedings alleged January 15, 2022
- ‘Boba Fett Book’ Star Reacts to Biker Gang Controversy – The Hollywood Reporter January 15, 2022
- The long-awaited January update for Google’s Pixel 6 and Pixel 6 Pro has been released January 15, 2022