Wall Street ends higher, with the help of a handful of technology stocks

Wall Street ends higher, with the help of a handful of technology stocks
Wall Street ends higher, with the help of a handful of technology stocks

(New York) The New York Stock Exchange ended in the green on Monday, anchored to some flagship stocks in the technology sector, but without enthusiasm, at the start of a holiday week which promises to be calm.


Posted at 10:33 a.m.

Updated at 4:41 p.m.

The Dow Jones gained 0.16%, the NASDAQ index 0.98% and the broader S&P 500 index 0.73%.

After starting in the red, the market gradually recovered throughout the day.

“I would not draw any conclusions” from this session, warned Steve Sosnick, of Interactive Brokers, in particular because it was marked by a low trading volume.

Many participants have already deserted the market, before a session on Tuesday which will be cut by three hours and a public holiday, Christmas, on Wednesday.

“We were looking for direction at the start, then technology stocks took over,” explained Steve Sosnick.

Semiconductor flagships Broadcom (+5.52%) and Nvidia (+3.69%) were at the forefront, as was Tesla (+2.27%).

For Steve Sosnick, the fact that these three securities were particularly sought after was due to the fact that their weight was revised downward within the NASDAQ 100 index, a technical adjustment following the strong appreciation of their value.

The New York market rose despite a new surge in bond rates. The yield on 10-year US government bonds rose to 4.60%, a first in almost seven months, compared to 4.52% closing Friday evening.

Investors also ignored the two indicators of the day, namely the sharper than expected drop in orders for durable goods in November and the unexpected decline in the consumer confidence index of the professional association Conference Board.

“It's often said that you shouldn't bet against a sluggish market, so no one has gone against it,” argued Steve Sosnick.

The Dow Jones only had to finish in positive territory for a few of its members, notably, in addition to Nvidia, financial companies such as Goldman Sachs (+0.83%) and JPMorgan Chase (+0.33%).

Banks were stimulated by the high interest rate environment as well as by an announcement from the American central bank (Fed), which on Monday presented adjustments to its stress tests, intended to measure their ability to overcome a crisis. financial.

Still rebounding after the very bad situation which followed the murder of the boss of its health insurance branch, Unitedhealth Group (+1.24%) also gave a helping hand.

In the semiconductor department, Qualcomm was also part of the party (+3.50%), supported by the decision of a federal jury in Delaware, which ruled in favor of the San Diego (California) company in its dispute with computer chip designer Arm (-4.00%).

The online video platform Rumble, popular with conservatives, soared (+81.22%) after iFinex, the company which controls the “stablecoin” Tether (digital currency pegged to a classic currency in this case the dollar ), has committed to investing $775 million in the start-up.

The department store brand Nordstrom fell (-1.47%) after the announcement of its withdrawal from the stock market by the heirs of the founding family associated with the Mexican distribution group El Puerto de Liverpool.

The offer from the two partners values ​​the group at $6.25 billion.

The Toronto Stock Exchange on the rise

The Toronto Stock Exchange closed the session Monday up nearly 150 points, thanks to light trading.

The Toronto trading floor's S&P/TSX Composite Index rose 149.50 points, or 0.61%, to 24,748.98 points.

On the currency market, the Canadian dollar traded at an average rate of 69.47 US cents, down from 69.61 US cents on Friday.

The Canadian Press

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