The market was way down all morning, the Dow over 220 points, before recovering to near break-even and the Nasdaq gaining with Nvidia bouncing back after the big sell off Monday and Tuesday. The chipmaker is now up 150% for the year. Other good news is jobless claims falling and Q3 GDP revised upwards. U of M’s survey showed consumer confidence is up in November. But COVID spikes in Europe making it once again the global epicenter has put some brakes on the market. Going into the holiday, volume was considerably below average at 8.9 billion.
Wed November 24,
2021 4:46 PM
Wall
Street ends higher; Nvidia surge offsets Nordstrom, Gap slide
By Ambar
Warrick and Noel Randewich
DJ: 35,813.80 +194.55 NAS: 15,775.14 -79.62 S&P: 4,690.70 +7.76 11/23
DJ: 35,804.38 -9.42 NAS: 15,845.23 +70.09 S&P: 4,701.46
+10.76 11/24
Nov 24 (Reuters) - Wall Street ended
higher on Wednesday, lifted by gains in Nvidia and other tech stocks, while Gap
and Nordstrom shares tumbled following weak quarterly reports. Nordstrom (JWN.N) and
Gap (GPS.N) dived after the two
retailers reported weak quarterly results and warned of supply chain problems
ahead of the crucial U.S. holiday shopping season. read
more The S&P 500
consumer discretionary sector index (.SPLRCD)rose
after data showed U.S. consumer spending increased more than expected in
October. read
more The so-called
core PCE price index, the Federal Reserve's preferred inflation measure, also
accelerated in October. Nvidia (NVDA.O) rallied
as it bounced back from a selloff in Big Tech stocks early this week. The
graphics chipmaker is now up about 150% in 2021.
Various Federal Reserve policymakers
said they would be open to speeding up elimination of their bond-buying program
and move more quickly to raise interest rates if high inflation held, minutes of the U.S. central
bank's last policy meeting showed. read more Other
data showed weekly jobless
claims fell and third-quarter GDP was revised higher, while a University
of Michigan survey showed consumer
sentiment improved in November. read more
Coronavirus infections broke records in
parts of Europe on Wednesday,
with investors worried the continent was again the epicenter of a pandemic that
has prompted new curbs on movement. read more "Equities are under
pressure from a combination of rising interest rates, more cautionary news on
the earnings front, and also from COVID developments in Europe,"
said Greg Bassuk, chief executive at AXS Investments in Port Chester, New York.
Tesla
Inc (TSLA.O) rose as much as 1.9%. In his
latest of several recent share sales, CEO Elon Musk sold 934,091 shares of the
electric vehicle maker worth $1.05 billion after exercising options to buy 2.15
million shares. read more PC
makers HP Inc (HPQ.N) and Dell Technologies (DELL.N) jumped after they logged a more
than four-fold rise in quarterly profits amid increasing demand for personal
computers. read more
The U.S. stock market will be closed on
Thursday for the Thanksgiving holiday, and it will have a shortened session on
Friday. Real estate (.SPLRCR) led among 11 S&P 500 sector
indexes with a gain of over 1% for most of the session.
The Dow Jones Industrial Average fell 0.03% to end at
35,804.38 points, while the S&P 500 gained 0.23% to 4,701.46. The Nasdaq Composite climbed 0.44% to
15,845.23.
Advancing issues
outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a
1.47-to-1 ratio favored advancers. The
S&P 500 posted 27 new 52-week highs and 4 new lows; the Nasdaq Composite
recorded 55 new highs and 234 new lows.
Volume on U.S. exchanges was 8.9 billion shares, light compared to the 11 billion average over the last 20 trading days.
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