(CercleFinance.com) – The New York Stock Exchange confirmed its rebound on Monday, driven by cheap buybacks following the recent equity correction. The Dow Jones thus gained nearly 1.2% to 35,132 points, while the Nasdaq climbed much more sharply still, from 3.4% to 14,240 points.
At the end of a difficult month, in which the markets were penalized by the prospect of faster-than-expected monetary tightening by the Federal Reserve, a bargain-hunting movement supported the rating, particularly technology stocks.
The massive sell-off that has hit the tech sector since this fall may have been more pronounced than analysts expected, with a sharp underperformance leading some to speak of a still ‘oversold’ sector.
Investors therefore bought up stocks in the sector that had recently been neglected, such as Netflix, which recovered 11.1% after being heavily penalized more than a week ago following quarterly results deemed disappointing.
Tesla soared 10.7% as Credit Suisse raised its opinion from ‘neutral’ to ‘outperform’, saying the electric vehicle maker’s recent decline in the stock offered a ‘interesting’ entry point.
Also in stock news, Otis gained 3.2% after the elevator maker released its results for the last three months of 2021, which showed adjusted EPS up 9% and organic sales growth of almost 3%.
Pfizer, on the other hand, dropped 3%, the pharmaceutical giant having decided to put an end to the clinical program concerning vupanorsen, an experimental drug against cardiovascular diseases discovered by its partner Ionis Pharmaceuticals.
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