Wall Street closed higher on Wednesday, driven by a rise in shares of Nvidia and other tech stocks, while apparel retailers Gap and Nordstrom fell after weak quarterly reports.
Nordstrom and Gap slumped 29% and 24%, respectively, after both posted weak quarterly results and warned of supply chain issues ahead of the holiday shopping season in America.
NvidiaMeanwhile, it advanced 2.9% in a rebound after a fall in the shares of large technology companies earlier in the week. The graphics chip maker’s titles have climbed 150% in 2021.
The Promedio Industrial Dow Jones fell 0.03% to 35,804.38 points, while the S&P 500 gained 0.23% to 4,701.46 units. The Nasdaq it was up 0.44% to 15,845.23 points.
The market will be closed on Thursday for the festivities of the Thanksgiving Day and will have a shorter session on Friday.
The luxury consumer sector index for the S&P 500 it rose after data showed US consumer spending rose more than expected in October.
The so-called basic PCE price index, the Federal Reserve’s preferred measure of inflation, also accelerated in October.
Several people in charge of the Federal Reserve They (Fed) said they would be open to speeding up the elimination of their bond-buying program and raising interest rates faster if high inflation continues, minutes from the central bank’s latest monetary policy meeting showed.
Other data showed weekly jobless claims fell and third-quarter GDP was revised up, while a University of Michigan survey showed consumer confidence rose in November.
Coronavirus infections broke records in parts of Europe on Wednesday, with investors concerned that the continent is once again the epicenter of a pandemic that has prompted further restrictions on circulation.
“Equities are under pressure from a combination of rising interest rates, more cautious news on the earnings front and also from Covid developments in Europe,” said Greg Bassuk, CEO of AXS Investments.
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Reference-www.eleconomista.com.mx