Wall Street opens higher, market hangs despite inflation

Published on: 11/15/2021 – 4:24 PMModified on: 11/15/2021 – 16:23

New York (AFP) – The New York Stock Exchange opened higher on Monday, and the market held on to the good news, including a good index of activity in the New York area, to fend off the bad, particularly the specter of inflation.

At approximately 3:10 p.m., the Dow Jones was up 0.21% to 36,174.56 points, the Nasdaq high-tech was up 0.12% to 15,879.44 points, and the S&P 500 expanded 15% to 4,689. , 75 points.

The market was on the verge of chaining a third consecutive session of rise after stagnating on Wednesday, after very high inflation.

“Investors are reacting to the ability of the stock markets to receive very bad news and take it quite well,” said Karl Haeling of LBBW bank.

Despite the inflation shock of more than a year in the United States at 6.2%, the highest in 31 years, “we have barely lost 2% and we have already recovered more, to the point that we are ‘ready to break records again ‘”. ‘argued the analyst.

In tune, the bond market continued to calmly weather this inflation rebound. The average rate on 10-year US government bonds remained close to its level on Friday, at 1.57% against 1.56%.

In the macroeconomics department, Monday started well, with the manufacturing activity indicator in the New York area significantly above expectations for November, at 30.9 compared to 20.3 expected.

While 92% of S&P 500 companies have released their results this season, the market will be entitled to one last salvo this week, with mass distribution in the spotlight.

Home Depot and Walmart are due on Tuesday, then Target and Lowe’s on Wednesday, before Alibaba on Thursday, with possibly new indications on prices, costs and the status of the supply chain.

On Monday, Boeing was gaining ground (+ 3.39%), following statements by Airbus CFO Dominik Asam, who said on Sunday that the European aircraft manufacturer could not produce enough single-aisle devices to meet demand.

New decline for Tesla (-3.80%), already very interrupted last week. On Sunday, managing director Elon Musk raised again, during an exchange with Democratic Senator Bernie Sanders, the possibility of selling more shares. He had already lost about $ 6.9 billion in Tesla securities last week.

Oatly milk specialist Oatly stumbled (-19.39%), depressed by the publication of a quarterly turnover well below expectations.

The US iron ore pellet producer Cleveland-Cliffs fell (-3.03%) after the US government announced its willingness to discuss with Japan a reduction in tariffs on steel and aluminum imposed under the Trump presidency. .

Same impact on the US Steel steel group (-3.11%), also rejected by investors.

Budget grocery chain Dollar Tree soared (+ 13.71%) after the Wall Street Journal announced on Friday that activist fund Mantle Ridge had taken a more than 5% stake in the capital and would demand a change of strategy.

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