Wall Street ended with gains driven by the rebound in the technology sector

Operators work on the New York Stock Exchange (REUTERS/Andrew Kelly) (ANDREW KELLY/)

Wall Street closed sharply higher on Mondaydriven by the increase in the shares of the sector of technologyas investors began a week full of earnings reports with a renewed enthusiasm by the market leading companies that were hit last year.

According to preliminary figures, the Dow Jones industrial average added 256.51 points, or 0.77%, to 33,632.00; while the S&P 500 index increased 47.71 points, or 1.20%, to 4,020.32 units; and the Nasdaq Composite Index rose 220.90 points, or 1.98%, to 11,361.33.

All three major stock indices extended Friday’s rally, gaining altitude as the day progressed. The nasdaqmade up of several technology heavyweights, led the advances spurred by actions by semiconductor makers.

“(The chips are in favor of) a group that has been down, so I’m not too surprised,” he said. Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. “We’re going to see the earnings reports from these companies in the next two weeks and that’s the real test,” he added.

The session marks The calm before the storm in a week packed with high-profile corporate results and days packed with crucial economic data.

The facade of the Stock Exchange (REUTERS/Andrew Kelly)
The facade of the Stock Exchange (REUTERS/Andrew Kelly) (ANDREW KELLY/)

Investors are almost certain that the Federal Reserve will implement a small increase interest rates next week, even as the US central bank remains committed to controlling the cycle inflationary strongest in decades.

Financial markets have priced in a 99.8% probability of a 25 basis point hike in the federal funds target rate at the close of the Fed’s two-day policy meeting next Wednesday, according to the FedWatch tool from CME.

The reporting season The fourth quarter has picked up, with 57 of the companies in the S&P 500 reporting results. Of those, 63% have generated better-than-expected earnings, according to Refinitiv.

Analysts now estimate that fourth-quarter earnings for the S&P 500 Index as a whole will post a 3% year-over-year drop, nearly double the 1.6% annual drop seen earlier in the year, according to Refinitiv.

This week, Microsoft and Tesla, along with a number of high-impact industrial companies, including Boeing, 3M Y Dowwill publish their quarterly results.

Among prominent Wall Street trades, Tesla’s shares rose 7.8% as Chief Executive Elon Musk took the stand in a fraud trial related to a tweet saying he had support for delisting the manufacturer. of electric cars.

(With information from Reuters)

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Source-www.infobae.com