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Wall Street is rising strongly. Leading technology and growth stocks

Posted on March 22, 2022 by admin

Reuters. – US stocks rose on Tuesday, led by a sharp rise in the Nasdaq, as technology shares and other big growth names rebounded from recent losses, while Nike advanced after announcing encouraging quarterly results.

* The financial sector also gains with the benchmark 10-year Treasury yield rising to 2.36%, with the S&P 500 banking index rising strongly.

The Federal Reserve raised interest rates this month and central bank officials appear to be taking a bolder stance to rein in inflation. While higher borrowing costs are negative for consumers and many businesses, they help boost profit expectations for banks.

Big technology drives progress

*Apple Inc, Microsoft Corp, Amazon.com Inc, Meta Platforms Inc and Alphabet Inc were among the companies that gave the most support to the S&P 500 and Nasdaq.

* The S&P 500 tech index is up today but is still down about 10% in the quarter so far, making it among the steepest declines of any major sector.

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* Based on preliminary closing data, the Standard & Poor’s 500 Index rose 51.38 points, or 1.15%, to 4,512.56 points, while the Nasdaq Composite Index increased 270.91 points, or 1.96%, to 14,109.37 points. The Dow Jones Industrial Average advanced 263.63 points, or 0.76%, to 34,816.62 points.

Nike shares also rose after it beat expectations for quarterly earnings and revenue and after it said manufacturing problems that affected sales in the past six months were behind it.

* Tesla Inc jumped as the electric car maker delivered its first German-made vehicles to customers at its Gruenheide gigafactory plant.

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