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Wall Street Inches Up Bannered By Tech Issues
- By The Financial District
- Jun 25, 2022
- 2 min read
On Thursday (Friday, June 24, 2022, in Manila), Wall Street's main indices saw robust increases, supported by strong performance from defensive and technology shares that overcame decreases for economically sensitive sectors as concerns about a probable recession continued, Lewis Krauskopf, Devik Jain and Sruthi Shankar reported for Reuters.
Photo Insert: On the NYSE, advancers outweighed decliners by a 1.41-to-1 ratio; on the Nasdaq, advancers outpaced decliners by a 1.67-to-1 ratio.
The benchmark S&P 500 fluctuated between positive and negative territory during the day, but stocks gained traction towards the market's close. Benchmark US Treasury rates have dropped to two-week lows, bolstering tech and other rate-sensitive growth companies.
Following the S&P 500's greatest weekly percentage drop since March 2020 last week, trading has remained unpredictable. Investors are considering how far stocks can go after the index plunged more than 20% from its all-time high in January, fitting the traditional definition of a bear market.
The Dow Jones Industrial Average increased by 194.23 points, or 0.64 percent, to 30,677.36, the S&P 500 increased by 35.84 points, or 0.95 percent, to 3,795.73, and the Nasdaq Composite increased by 179.11 points, or 1.62 percent, to 11,232.19.
Top-performing S&P 500 sectors were defensive groups considered safer bets in turbulent economic periods. Utilities increased by 2.4 percent, healthcare increased by 2.2 percent, and real estate increased by 2 percent.
The tech sector as a whole increased 1.4 percent, with Microsoft up 2.3 percent and Apple up 2.2 percent. The energy sector fell 3.8 percent, continuing its recent slide after outperforming the market for the majority of 2022.
Exxon Mobil and Chevron were the biggest individual drags on the S&P 500, with Exxon losing 3% and Chevron plunging 3.7%. Other economically sensitive sectors suffered as well. Materials down 1.4 percent, while industrials and financials also fell approximately 0.5 percent.
On the NYSE, advancers outweighed decliners by a 1.41-to-1 ratio; on the Nasdaq, advancers outpaced decliners by a 1.67-to-1 ratio. The S&P 500 set a new 52-week high and set 40 new lows, while the Nasdaq Composite set 32 new highs and 194 new lows.
