(CercleFinance.com) – After a hesitant start, the New York Stock Exchange moved upwards on Friday, with Apple’s rebound favoring, among other things, the return of buyers after four sessions of decline in a row for the Nasdaq.
At the end of the morning, the Dow Jones advanced 0.2% to 34,580.1 points, while the Nasdaq Composite gained not far from 0.4% to 13,798.5 points.
The recent bearish streak – triggered since the start of the week by the rise in oil prices likely to revive inflation and justify further rate hikes – has opened the way to bargain hunting.
Fears linked to inflationary pressures and monetary policy also seem to be ebbing this Friday, which favors cheap purchases.
On the bond market, the yield on ten-year Treasury bills, at 4.22%, is moving away from its highest of more than 15 years reached last month at 4.35%.
The CBOE volatility index, a barometer of investor anxiety, fell by 4% to 13.8 points, returning very close to its lows at the beginning of September.
On the macroeconomic front, the Department of Commerce reported this morning a 0.2% decrease in inventories in July, which reflects a continuation of the destocking movement weighing on production.
On the NYMEX, the price of a barrel of American light crude oil (West Texas Intermediate, WTI) continues to increase by 0.7% to 87.5 dollars after the reduction in Saudi Arabia’s production quotas and a further decline in prices. oil stocks in the United States.
In its wake, the shares of oil companies ExxonMobil and Chevron gained 1.8% and 1.1% respectively, while the S&P energy index rose 1.1%, by far the best performance of the 11 major indices sectoral.
Apple, which is recovering by 1% after its sharp decline over the last two weeks, is the main contributor to the rise in the indices, while analysts are reassuring about its activity in China.
After the recent selling movement, bargain hunters are looking for oversold stocks, particularly in the utilities sector, such as Duke Energy (+1.5%).
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