Wall Street closed, satisfied with the company’s performance-Zimo News


The New York Stock Exchange closed higher on Thursday, encouraged by weaker-than-expected company results and metrics, supporting arguments for a slowing economy.

The Dow rose 0.51%, the tech-heavy Nasdaq gained 1.36% and the broader S&P 500 gained 0.99%.

The index fluctuated between red and green for most of the trading session before settling above its level the previous day.

For LPL Financial’s Quincy Krosby, Wall Street remains on track for the company’s results, and if those aren’t as good as last quarter, there haven’t been any major mishaps so far.

“As long as the numbers aren’t that bad, the market is going to give these companies a thumbs up,” the analyst explained.

Emblem of this dynamic was Tesla (up 9.78% to $815.12), which underperformed its top line and failed to post a new record profit, but investors still welcomed solid results and confirmed forecasts.

“Tesla has fared better than feared given the closures in China,” Wedbush Securities’ Dan Ives said in a note.

“Tesla has been a catalyst in today’s market,” Quincy Crosby said.

Apple (+1.51%), Amazon (+1.52%) or Nvidia (+1.36%) are the largest capitalized companies in the rating and thus benefit.

Among other notable companies, rail giant CSX (+4.24%) was boosted by a surge in demand.

But the picture remains mixed, as seen by United Airlines, American Airlines or asset manager Blackstone Group (-3.18%), all of which warn of a worsening economy in the coming months.

The troubling remarks saw United (-10.17%) and American Airlines (-7.43%) shunned by investors, as did the industry as a whole, with Southwest Airlines (-1.47%) Delta Air Lines (-2 .71%) ).

Another reason for perspective was the release of several poor macroeconomic indicators, notably weekly jobless claims, which were higher than expected and reached their highest level since November.

As for the activity index for the Philadelphia area (northeast), it contracted sharply to -12.3, while economists see it rising slightly.

The odds of a 0.5 percentage point rate hike at the Fed’s next meeting are getting further and further by the day, with traders further increasing the odds of a 0.75 percentage point hike on Thursday.

The dollar fell against the euro on Thursday after the European Central Bank (ECB) decided to raise its key interest rate by half a percentage point, a more aggressive stance than expected.

Wall Street applauds the movement, many of which conduct a significant portion of their turnover outside the U.S. in currencies other than the U.S. dollar.

The whole thing weighed on U.S. bond rates. The 10-year U.S. government bond yield fell sharply to 2.87% from a two-week low of 3.02%.

“The question that’s haunting the market is whether we’re out of a bear market” (bear market), according to Quincy Crosby, with tech stocks and the Fed meeting next week.

Carnival Cruise Line jumped to the water (-11.18% to $9.85) by launching a $1 billion capital increase just two months after issuing a $1 billion bond.

Shares in 1Life Healthcare, the group behind private care network One Health, rose 69.45% to $17.25, close to the Seattle giant’s offer of $18, after announcing its imminent takeover by Amazon.

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