PARIS, March 11 (Reuters) – The New York Stock Exchange opened higher on Friday on renewed optimism over developments in the war in Ukraine, as Russian President Vladimir Putin spoke of progress in talks with Kyiv. .
In early trading, the Dow Jones index gained 288.88 points, or 0.87%, to 33,462.95 points and the broader Standard & Poor’s 500 rose 0.65% to 4,287.23 points.
The Nasdaq Composite took 0.56%, or 73.95 points, to 13,203.91.
Index futures before the opening on Wall Street, which were already green after Thursday’s stock market plunge, jumped more than 1% when Vladimir Putin on Friday reported positive developments in talks with the Ukrainian authorities, without, however, giving further details.
“It certainly shows how the market is hanging on to hope or expectation that there will be a resolution (to the conflict),” said Albert Brenner, director of investments and economic research at People’s United Advisors. .
However, he believes that volatility will remain high until a solution to this conflict is reached.
In values, the defense groups Lockheed Martin, Northrop Grumman and L3Harris Technologies fell 0.1% to 0.6%.
The energy sector, which has posted gains in nine of the last ten sessions, fell 1.18% as Brent fell back to $109 a barrel after peaking earlier in the week at nearly $140. Chevron and Exxon Mobil each lost about 0.8%.
Big Wall Street banks like JPMorgan Chase & Co, Bank of America Corp, Goldman Sachs Group, Citigroup, Wells Fargo & Co and Morgan Stanley, on the other hand, take 1.4% to 2% in the hope of an easing of the tension in Ukraine.
On the earnings side, Oracle dropped more than 2% after quarterly profit fell short of expectations, while automaker Rivian Automotive fell nearly 4% after a warning about its annual production target linked to supply problems.
(Written by Claude Chendjou, edited by Sophie Louet)