Wall Street closes in positive territory
Looking for tech and defensive stocks
06/23/2022, 11:43 p.m
The US stock exchanges are torn between recession fears and hopes for a “soft landing” for the economy. After a Supreme Court ruling on carrying firearms in public, gun companies are in high demand. Your shares will rise by up to ten percent.
The US stock exchanges closed with price gains after volatile trading. Wall Street was supported by premiums in high-tech stocks and defensive stocks that are less affected by economic volatility. The US Standard Value Index Dow Jones went 0.6 percent higher to close at 30,677 points. The tech-heavy one Nasdaq advanced 1.6 percent to 11,232 points. The broad one S&P 500 increased by around one percent to 3795 points.
The market is digesting planned rate hikes and assessing when the bottom will be reached, said Peter Cardillo, chief economist at investment firm Spartan. US Federal Reserve Chairman Jerome Powell committed to fighting inflation at his semi-annual hearing before the US Congress. His house is striving to cool down the US economy cautiously. However, it will be more difficult to achieve this goal.
Among the winners in the US stock market was Rite Aid. The drugstore chain’s stocks climbed nearly 20 percent. Thanks to increased demand for more expensive drugs, the company is aiming for a surprisingly high full-year profit of $23.6 billion to $24 billion.
Gun companies were also in demand. Manufacturers’ shares Smith & Wesson and Storm Ruger increased by almost ten percent. The Ammo Provider ammo and the arms dealer vista increase by 4.3 or three percent. The US Supreme Court overturned a New York state law restricting the concealed carrying of firearms in public.
The papers from Accenture however, gave way slightly. Although the IT service provider presented a quarterly result that exceeded market expectations, its full-year targets were disappointing. Because of the inflation and exchange rate burdens, the company is only aiming for a profit of up to 10.70 instead of up to 10.81 dollars per share.