(New York) The New York Stock Exchange reversed the trend on Monday and avoided a third consecutive session of decline, helped by bargain hunting and the health of the American economy.
Updated yesterday at 5:04 p.m.
The Dow Jones gained 0.70%, to 34,049.46 points, the NASDAQ index gained 1.29%, to 13,004.85 points, and the broader S&P 500 index, 0.57%, to 4,296 .12 dots.
Toronto Stock Exchange closes lower on declines in Oil and Materials
(Toronto) – The Toronto Stock Exchange closed lower on Monday, despite a partial rebound as investors worried about a global economic slowdown and news of new COVID-19 lockdowns in China.
The Toronto floor’s S&P/TSX Composite Index lost 174.49 points to end the session with 21,011.89 points.
In the currency market, the Canadian dollar traded at an average rate of 78.38 cents US, down from 78.73 cents US on Friday.
On the New York Commodities Exchange, crude oil prices fell US$3.53 to US$98.54 a barrel, while natural gas rose 14.2 cents US to 6.81 US$ per million BTUs.
Gold tumbled US$38.30 to US$1,896.00 an ounce and copper fell 13 cents US to US$4.47 a pound.
The Canadian Press
For Tom Martin, of Globalt Investments, “with the wave of sales that we experienced last week, we returned to levels which led to a rebound”, mainly technical, after an early session still in the red.
The hunt for bargains has benefited several giant capitalizations, underlined, in a note, analysts from Briefing.com, such as Microsoft (+2.44%), Alphabet (+3.04%), or Nvidia (+1 .98%), who had had a difficult month of April so far.
After the strong tension of the last sessions, which had seen US interest rates soar, just like volatility, Wall Street was entitled to a slight lull before the close.
Yields on 10-year US government bonds eased to 2.81% from 2.90% on Friday.
Fears of an economic slowdown or even a recession in several major countries have not disappeared, but for Tom Martin, investors see the United States behaving better than its peers.
“The consumer is still in great shape,” recalls the manager, referring to the first results of companies which showed that the marked price increases had not reduced demand. “And employment is also doing very well. »
The last minutes of the session were also animated by the announcement of an agreement for the acquisition of Twitter (+5.66% to 51.70 dollars) by Elon Musk, which values the company 44 billion dollars.
The social network did not wait for the close to report on this protocol, which resulted in a brief suspension of listing.
Tesla, of which Elon Musk is the co-founder and managing director, did not take this announcement as well (-0.70% to 998.02 dollars).
Another collateral reaction, the Dogecoin cryptocurrency, which the whimsical entrepreneur has regularly promoted since last year, jumped by more than 20%.
The market toasted the health of Coca-Cola (+0.43% to 65.53 dollars), whose turnover and quarterly profits came out above expectations.
The beverage group managed to raise prices by an average of 7% without affecting demand.
The video game publisher Activision Blizzard (-0.71% to 78.05 dollars) was sanctioned after the publication of results below expectations, with sales down 22% over one year.
The group to be bought by Microsoft has suffered in particular from the disappointing sales of its game “Call of Duty”.
Weighed down by the slide in crude oil, also marked by the specter of an economic slowdown, oil stocks lost ground, like ExxonMobil (-3.37%), ConocoPhillips (-4.53%) or Marathon Petroleum (-3.24%).
Same cold snap for the mining Barrick Gold (-4.21%) or the steelmaker US Steel (-2.86%).
The Kohl’s department store chain (+5.28% to 60.39 dollars) received information from the New York Post that the owners of the JCPenney brand had made a takeover offer.