The main indices of Wall Street rose on Wednesday, with the benchmark index S&P 500 hitting a new all-time high, while investors applauded the overall strength corporate results and monitored statements from the authorities of the Federal Reserve looking for more clues on possible rate cuts.
Ford Motor rose as the automaker increased its first-quarter dividend and plans to reduce investments in new capacity to deficient electric vehicles.
Good results in the S&P500
With more than half of the S&P 500 companies that have presented results81.2% exceeded expectations, according to LSEG data on Tuesday.
“The optimism surrounding, for the most part, better earnings results continue to prevail and keeps the market on a positive bias,” said Michael James, managing director of stock trading at Wedbush Securities in Los Angeles.
According to preliminary data, the S&P 500 gained 40.61 points, or 0.82%, 4,995.11 units, while the Dow Jones Industrial Average added 159.23 points, or 0.41%, to 38,680.59 units, and the Nasdaq rose 148.35 points, or 0.95%, to 15,757.35 units.
The benchmark S&P 500 index closed at another all-time high, while eThe Nasdaq did not reach its record of 16,057.44 units registered in November 2021.
But James also noted that investors have been fighting against the “negativity weighing on the market” due to concerns about the banking and commercial real estate sectors since last week, when New York Community Bancorp surprisingly reported a loss and cut its dividend.
The market expectation with the Fed
After Fed Chairman J.erome powell, ruled out on Sunday a rate reduction In March, traders are waiting for new clues from central bankers on the timing of monetary policy easing.
The president of the Federal Reserve Minneapolis resident Neel Kashkari said he expects two or three rate cuts this year for now. For her part, Federal Reserve Governor Adriana Kugler said more guarantees are needed before lowering rates.
For its part, Snap plummeted to two-month lowsmissing quarterly revenue estimates as the Snapchat owner struggled to compete for shares. advertising dollars against heavyweights.
Uber Technologies expects a quarterly profit from its core business and gross bookings above estimates. However, its shares struggled to advance during the session.
Source: Ambito
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