(New York) The New York Stock Exchange ended the first session of the week sharply higher on Monday, focused on company results while monitoring diplomatic efforts in the Middle East.
The Dow Jones index gained 0.93% to 33,984.54 points, the tech-heavy NASDAQ advanced 1.20% to 13,567.98 points and the S
“Something is wrong on Wall Street. Stocks have climbed even as yields on Treasury bills have so too, while uncertainties remain,” commented Edward Moya of Oanda.
“Much of the attention remains focused on the conflict between Israel and Hamas which is the subject of diplomatic efforts to prevent the war from spreading,” he added.
Europe wants to open a humanitarian air corridor to the Gaza Strip, European Commission President Ursula von der Leyen announced, declaring that Palestinians in Gaza could “not pay the price for Hamas’ barbarity.”
The German chancellor announced Monday that he would visit Israel this week to show his “solidarity,” becoming the first head of government to do so since the bloody Hamas attack. He also indicated that he would go to Egypt.
For Peter Cardillo of Spartan Capital, the sharp rise in the indices reflects investors’ expectations “for a good corporate results season.”
“On Tuesday, we will have several large companies: from Goldman Sachs to Bank of America Airlines to Johnson and Johnson and if their results are as good as those of JPMorgan on Friday, it could help to soften the negative sentiment linked to the conflict between Israel and Hamas,” the analyst noted.
According to him, the dynamism of the session is “a delayed reaction to the good results posted on Friday” by the banks JPMorgan, Citigroup and Wells Fargo.
In terms of indicators, manufacturing activity in the highly industrialized region of New York plunged again in October, sinking more than expected, after slight growth in September, according to the monthly Empire State survey published Monday by the antenna of New York of the Federal Reserve (Fed).
The Empire State index fell seven points from the previous month, to -4.6 points, a slightly steeper decline than expected.
On the market, the action of Pfizer laboratories which lowered their turnover forecasts for 2023 due to lower demand for its vaccine against COVID-19 was nevertheless sought after, climbing 3.61% to 33, $27. The concomitant announcement of job cuts seemed to reassure investors.
Sports equipment manufacturer Lululemon Athletica soared 10.31% to $416.64.
The market thus celebrated the entry of the yoga clothing chain into the S
Lululemon will officially be part of it on Wednesday, replacing the video game publisher Activision, which will enter the fold of Microsoft.
Microsoft (1.50%) finalized its acquisition of Activision last week after a long battle with competition authorities in the United Kingdom.
Brokerage and banker giant Schwab rose 4.64% to $53.71 after reporting figures slightly below expectations for its third quarter. Schwab reported a decline in deposits, but less quickly than in the previous quarter.
Automaker Ford gained 1.02% to $11.93 as its chairman and founder’s great-grandson, Bill Ford, appealed to his UAW union “colleagues” to end the “cycle acrimonious negotiations” and the “devastating” strike.
The Ford group, like its two major competitors in the United States, General Motors and Stellantis, has been affected since mid-September by a strike linked to the development of the next collective agreements.
Strength in the base metals and information technology sectors helped the Toronto Stock Exchange close more than 150 points higher on Monday, while major U.S. indexes also advanced.
The composite index S
In New York, the Dow Jones industrial average rose 314.25 points, or 0.93 percent, to 33,984.54 points, while the broader S
On the currency market, the Canadian dollar traded at an average rate of 73.43 US cents, up from 73.20 US cents on Friday.
On the New York Mercantile Exchange, the price of crude oil fell $1.03 to US$86.66 per barrel, while that of natural gas fell 13 US cents to US$3.11 per million. of BTUs.
Gold prices lost US$7.20 to US$1,943.30 per ounce and copper prices rose US$1 cent to US$3.58 per pound.
