Wall Street ends on a strong rise, driven by technology – 11/10/2023 at 10:39 pm.

A Wall Street sign hanging in front of the New York Stock Exchange

The New York Stock Exchange ended Friday buoyed by technology and growth stocks thanks to easing bond yields, ahead of a new indicator-rich week.

The Dow Jones index gained 391.16 points (+1.15%) to 34,283.1 points.

The broader S&P-500 posted its biggest closing increase since September 19. It was 67.89 points, or 1.56%, for 4,415.24 points.

The Nasdaq Composite registered an increase of 276.66 points (+2.05%), the biggest percentage increase since May 26, to 13,798.11 points.

Flooded the day before by Federal Reserve Chairman Jerome Powell’s words “not convinced” that interest rates are high enough to combat inflation, Wall Street regained color as it awaits US consumer price numbers next week, as well as producer prices and retail sales that will allow investors to adjust their expectations about the path of rates.

“In general, investors expect inflation numbers to be positive for the market, and I think they want to get a little ahead of that,” says Rick Meckler of Cherry Lane Investments in New Jersey.

Technology stocks saw the biggest increases, from Nvidia (around +3%) to Microsoft (+2.5%). The sector index gained 2.6%.

“People look for technology megacaps thinking that in an environment of high rates and a slowing economy, these companies are still the best choice and they are willing to pay a premium for it”, adds Rick Meckler.

In values, genetic testing company Illumina fell 8% after reducing its annual targets for the second consecutive quarter.

(Jean-Stéphane Brosse for French service)

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