The New York stock market closed higher for the second day in a row on Tuesday after better-than-expected corporate results, but optimism faded in the second half of the session, writes AFP.
- Dow Jones rose by 1.12% to 30,523.80 points,
- Nasdaq rose by 0.90% to 10,772.40 points
- The S&P 500 rose 1.14% to 3,719.98 points
“Banks have reported good results and that’s fueling optimism, but I wonder if this momentum is just a case of a technical bounce from a generally bear market,” LBW’s Carl Heyling doubted.
US stocks started the session on a high note with all three indices exceeding 2%, but lost ground throughout the day.
“We’ve seen the commodity sector in general decline,” LBBW analyst told AFP, noting that crude oil prices fell sharply after news broke that the White House planned to pull oil from its stockpiles again in response to OPEC production cuts. .
Another press release related to Apple’s intention to cut iPhone 14 production also affected the Nasdaq.
Apple shares, which rose 2.3% in the morning, fell slightly and ended up 0.94% at $143.75.
According to specialist news site The Information, the Cupertino-based company is preparing to cut production of the iPhone 14 after reassessing global demand and has already ordered one of its subcontractors in China to stop production of certain components.
Source: Hot News RO
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