Monday , September 16 2019
Home / canada / Wall Street's two-day rally disappears due to technology and weak oil

Wall Street's two-day rally disappears due to technology and weak oil



© Reuters. Traders work on the New York Stock Exchange (NYSE) in New York

Medha singh

(Reuters) – On Friday, US stocks struggled to prolong the rally until the third day in a row, burdened by a fall in the energy and technology sectors at the end of the week, which led to sharp market fluctuations.

The week began with the worst fall on Christmas Eve on Wall Street, followed by a record increase in the Dow Jones Industrial Average () by 1000 points on Wednesday and a stunning turn late on Thursday, which provided two days of growth.

The trend continued on Friday, when the three major indices fluctuated between profit and loss. However, the fluctuations were less so: the S & P 500 climbed 0.78% and then fell 0.64% to the session minimum.

Technology stocks (), which led to a rally earlier this year and were at the center of a recent pullback, remained unchanged, while energy company stocks () fell 0.33 percent.

The sectors of finance () and health (), 0.4% each, were retained on the market.

“Today we are seeing some big steps, and I expect the wild ride to continue like the ones we have seen in the last couple of trading days,” said Ryan Nauman, market strategist at Informa Financial Intelligence in Zefir Cove, Nevada.

“From the beginning of October, investors are more protected. Instead of buying a fall, they sell rally. They hope to make a profit when they can, ”added Nauman.

One of the limiting factors was the report that contracts for the purchase of houses belonging to earlier, unexpectedly fell in November, which was the last sign of weakness in the US housing market.

At 11:36 am ET, the Dow Jones Industrial Average () rose by 20.07 points, or 0.09 percent, to 23,158.89, and the S & P 500 () rose by 2.33 points, or 0.09 percent, up to 2 491.16. The Nasdaq Composite Index () rose by 5.59 points, or 0.08 percent, to 6,585.08.

Despite the fact that these three indices are in step to demonstrate the loss band in three weeks in a row, they are still down about 9 percent in December and are on their way to their largest annual percentage decline since 2008.

Investors enter 2019 with a list of concerns, ranging from trade tensions in the United States and China, rising interest rates and cooling the economy to a partial closure of the US government, which began on Saturday.

Shares of Tesla Inc (O 🙂 rose 2.9% after the electric automaker called Oracle Corp (N 🙂 co-founder Larry Ellison and CEO of the Walgreens Boots Alliance (O 🙂 Kathleen Wilson-Thompson as two independent directors.

Progressive issues exceeded the decline by 1.59 to 1 on the NYSE and 1.66 to 1 on the Nasdaq.

The S & P did not record new 52-week highs and new lows, while the Nasdaq recorded four new highs and 52 new lows.


Source link