Stocks rose most during Wednesday’s trading day after showing a lack of direction early in the session. The key average rose to a more solid and positive territory after spending a morning bouncing back and forth across the unchanged line.
Currently, the key averages are just below the session highs. The Dow was up 204.85 points or 0.6 percent at 34,782.42, the Nasdaq was up 59.46 points or 0.4 percent at 15,097.21, and the S & P 500 was up 29.73 points or 0.7 percent at 4,472.78.
The strength that emerged on Wall Street may partially reflect the bargain hunting that followed the downtrend seen in the last few sessions.
The Dow finished its previous session with the lowest closing price in almost two months, while the tech-heavy Nasdaq fell in four consecutive sessions.
Traders are also digesting a batch of up-to-date data, including a report from the Fed showing US industrial production increased slightly less than expected in August.
According to the report, industrial production rose 0.4% in August after a downwardly revised 0.8% rise in July.
Economists expected industrial production to increase by 0.5% compared to the 0.9% progress initially reported last month.
The Federal Reserve Board pointed out that the end-of-month shutdown associated with Hurricane Aida curbed industrial production growth by an estimated 0.3 points.
Another report from the Ministry of Labor unexpectedly showed that US import prices fell in August for the first time since October 2020.
The Ministry of Labor said import prices fell 0.3% in August after an upwardly revised 0.4% rise in July.
The fall surprised economists who expected import prices to rise 0.3%. This is consistent with the rise originally reported last month.
Meanwhile, export prices rose 0.4% in August, after a 1.1% rise, which was revised downward in July, according to the report.
Economists expected export prices to rise 0.5% compared to the 1.3% surge initially reported last month.
Energy stocks continued to rise significantly on the day, benefiting from soaring crude oil prices. Crude oil delivered in October surged from $ 2.18 to $ 72.64 per barrel after data showed a larger weekly decline in crude oil inventories than expected.
Reflecting the strength of the energy sector, the NYSE Arca Oil Index is up 3.6%, the NYSE Arca Natural Gas Index is up 3.2% and the Philadelphia Oil Services Index is up 3%.
There is also considerable strength among steel stocks, as reflected in the 2.1% rise in the NYSE Arca Steel Index. The index has bounced off its lowest closing price in almost two months.
Bank stocks also showed strong upward movements during the session, raising the KBW Bank Index by 1.8%.
Biotechnology, tobacco and software stocks have also shown remarkable strength in afternoon trading, rising alongside most other major sectors.
In overseas transactions, stocks market During trading on Wednesday, it fell almost across the Asia Pacific region. Japan’s Nikkei 225 Index fell 0.5%, while China’s Shanghai Composite Index fell 0.2%.
On that day, major European markets also turned down. France’s CAC 40 index fell 1%, Germany’s DAX index fell 0.7%, and the UK’s FTSE 100 index fell 0.3%.
In the bond market, government bonds receded after a significant rise in the previous session. After that, the yield on the benchmark 10-year bond, which moves against the price, rose 3.7 basis points to 1.314 percent.
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US stocks rising primarily in afternoon trading
Source link US stocks rising primarily in afternoon trading