(New York) The New York Stock Exchange ended higher on Friday, maintaining its rebound from Wednesday’s thunderclap, despite a new unfavorable macroeconomic indicator.
The Dow Jones gained 0.50% to 36,100.31 points, the NASDAQ index, with a strong technological flavor, gained 1.00% to 15,860.95 points and the extended S&P 500 index, 0.72% at 4682.85 points.
Like Thursday, the market was animated by cheap purchases, after the thunderclap on Wednesday, which notably saw the NASDAQ lose 1.66% after the publication of an annual inflation figure (6.2% ) the highest in 31 years in the United States.
“We came to our senses,” commented Keith Buchanan, manager at Globalt Investments.
The increase even resisted the fall in the consumer confidence index, which fell in November to its lowest level in ten years, according to the preliminary estimate of the University of Michigan released Friday.
For the manager, we will have to wait for “confirmation” from this buying trend “to really determine how investors are reacting” to this acceleration in inflation, a fortiori with a public holiday on Thursday and another inserted before a weekend that have distorted the last two sessions a bit.
With the earnings season over, the next meeting of the American Central Bank (Fed) expected in just one month, the market will keep in mind this recurring theme of inflation, we need to have something else to eat.
The Toronto Stock Exchange, for its part, continued its excursion into record territory after a week of volatility, thanks to a widespread recovery fueled by gains in cannabis stocks and the country’s highest-valued company, Shopify. .
Toronto’s S & P / TSX Composite Index gained 186.55 points to end the session with 21,768.53 points.
On the bond market, spirits were not warming, the rate of US ten-year government bonds barely increasing, to 1.56% against 1.54% Wednesday (this market was closed Thursday).
“What will also play on the evolution of the markets until December is to determine the state in which the consumer finds himself,” pointed out Keith Buchanan, taking the Michigan index as an example, which may be of concern .
On the value board, the market welcomed the announced split of Johnson & Johnson (+ 1.20%), which will create a new listed company, bringing together its non-prescription drugs and hygiene products (Tylenol or Band-Aid brands notably).
The group will keep the hospital pharmaceutical activities, in particular medical devices, but also the laboratories that manufacture anticancer treatments or the vaccine against the coronavirus.
Elsewhere, several tech heavyweights backed the NASDAQ, including Alphabet (Google), which gained 1.97% and approached 2 trillion in market capitalization, or Amazon (+ 1.52%).
The Farfetch luxury clothing and accessories sales platform (+ 17.66%) was catapulted by the announcement of a partnership with the Richemont group. The latter will bring the group into the capital of its subsidiary Yoox Net-a-Porter, which brings together the two competing sites of Farfetch, Yoox and Net-a-Porter.
Two days after its initial public offering, the electric vehicle manufacturer Rivian remains launched (+ 5.66%).
The share of the group whose factory is established in Normal (Illinois) gained 66% compared to its introductory price and now weighs 127 billion dollars.
Its competitor Tesla lost ground (-2.83%) after the filing, with the American regulator (SEC), of a document indicating that its founder Elon Musk sold Thursday for nearly 700 million dollars of shares, after 5 billion Monday.
Spotify did well (+1.41%), the day after the announcement of the acquisition of audiobook specialist Findaway. This is a new step in the diversification of the Swedish group, which had already invested heavily in the podcast for three years.
Opendoor Technologies benefited again (+ 2.57%) from the announcement, Wednesday, of the withdrawal of its competitor Zillow from the market of “iBuyers”, companies which buy back hundreds of homes to renovate and resell them quickly after, a sector which has developed in recent years.
with The Canadian Press