Wall Street ends the first session of the semester in the green


by Stephen Culp

NEW YORK (Reuters) – The New York Stock Exchange ended higher on Friday on the eve of a three-day National Day weekend as investors kicked into the second half of the year awaiting the next market catalyst.

The Dow Jones Industrial Average gained 1.05%, or 321.83 points, to 31,097.26 points.

The broader S&P-500 gained 39.95 points, or 1.06%, to 3,825.33 points.

The Nasdaq Composite advanced for its part by 99.11 points (0.90%) to 11,127.85 points.

However, the session had started in the red, as the three main American indices had their worst first half in decades.

“We will probably have to wait for investors to come back after the long weekend to see if today’s rally will last,” said Joseph Sroka, chief investment officer at NovaPoint in Atlanta.

Market participants are now looking forward to the earnings season, which will begin in a few weeks, the publication of the employment report for the month of June and the meeting of the American Federal Reserve scheduled for July.

“The Fed is going to need a lot more evidence to change its mind about continuing interest rate hikes,” said Tim Ghriskey, strategist at Ingalls & Snyder in New York. “There is still a lot of uncertainty about the economy and inflation, despite early signs that inflation may have peaked.”

In stocks, Meta fell after its chief executive, Mark Zuckerberg, told employees they should expect a sharp deterioration in the economic situation.

Kohl’s also fell after announcing that it had ended negotiations for a possible takeover by Franchise Group.

Note that Wall Street will be closed on Monday, due to Independence Day in the United States.

* The reminder of the session in Europe: [.EUFR]

* TO BE FOLLOWED ON MONDAY:

(With contributions from Amruta Khandekar and Sruthi Shankar; French version Camille Raynaud)



Source link -87