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Wall Street: Wall Street ends up, supported by defensive stocks


PARIS (Reuters) – The New York Stock Exchange ended higher on Friday, as the rise in defensive stocks helped offset the fall in the energy sector, while investors seem to have digested the latest statements from Federal Reserve officials. on the continued rise in interest rates.

The Dow Jones Industrial Average gained 0.59%, or 199.37 points, to 33,745.69 points.

The broader S&P-500 gained 18.78 points, or 0.48%, to 3,965.34 points.

The Nasdaq Composite advanced for its part by 1.11 points (0.01%) to 11,146.06 points.

Boston Federal Reserve Chair Susan Collins said that with little evidence to suggest inflationary pressures are easing, the Fed may need to raise rates another 75 basis points to contain inflation. inflation.

The markets, however, continue to favor the hypothesis of a rise of half a point in December and see the “fed funds” rate peaking just above 5% in May.

“What drives stocks is of course Fed policy and the gravitational pull that rising interest rates exert on stocks as a whole,” said Lauren Goodwin, economist at New York Life Investments.

Defensive sectors like Utilities and Healthcare ended higher, while the Energy sector ended lower.

VALUES

As for values, the Gap Inc action stood out. The stock gained xx% after the group’s quarterly sales and profit beat market expectations.

(Report Matthieu Protard)

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