PARIS (Reuters) – The New York Stock Exchange opened higher on Wednesday, taking advantage of the good results published by several big names in the stock market to regain a small part of the ground lost during the bad spell the day before, which brought back the Nasdaq at its lowest level for 16 months.
A few minutes after the start of trading, the Dow Jones index gained 153.34 points, or 0.46%, to 33,393.52, the Standard & Poor’s 500 rose 0.57% to 4,198.88 and the Nasdaq Composite took 0.97% to 12,611.88.
The latter fell 3.95% on Tuesday and posted its worst close since December 2020, as technology stocks suffered on fears of slowing global growth and the Federal Reserve’s tightening monetary policy. A decline amplified by the 12% drop in Tesla, the market worrying about the consequences of the takeover offer on Twitter launched by the CEO of the automaker, Elon Musk.
Beyond the logical cheap purchases after a decline of this magnitude, the beginning of a rebound on Wednesday is favored by the 4.88% increase in Microsoft, the IT group having said it is counting on double-digit growth for its 2022 financial year.
The credit card giant Visa meanwhile takes 8.68%, the best performance of the Dow Jones, after announcing that it expects a turnover higher than that before the pandemic.
Down, Alphabet, the parent company of Google and YouTube, lost 3.54% after a turnover deemed disappointing and Boeing fell 6.93%, the market sanctioning the announcement of new charges related to the 777X program.
In M&A news, toymaker Mattel jumped 12.48% after reports from Reuters that it had contact with several buyout specialists for a possible sale.
Tesla regained 4.45% but still fell more than 20% from its peak at the start of the month.
(Written by Marc Angrand, edited by Jean-Michel Bélot)
Copyright © 2022 Thomson Reuters