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Wednesday, November 30, 2022

Dow bounces back 311 points amid tech rebound, erase Monday’s losses

Dow bounces back 311 points amid tech rebound, erase Monday's losses

October 5 (WNN) — US markets erased some of the losses from the start of the week on Monday with gains in tech stocks.

The Down Jones Industrial Average gained 311.75 points, or 0.92%, after recovering almost all of its losses since Monday. The S&P 500 rose 1.05%, while the Nasdaq Composite gained 1.25%.

Facebook’s share rose 2.1% after the social network and its Instagram and WhatsApp services were shut down on Monday.

Whistleblower Frances Haugen testified before the Senate on Tuesday that the social media company has long been aware of misinformation and hate speech on the platform and negative effects on young users.

Netflix stock rose 5.21% on Tuesday, while Google’s parent company Alphabet closed up 1.77%, Apple 1.42% and Amazon up 0.98%, amid broad gains in tech stocks after losses on Monday.

Tech has been the worst-performing sector over the past month as Treasury yields tumbled to 1.53% on Tuesday after hitting a high of 1.56% last week.

Energy shares rose on Tuesday as US oil prices moved above $79 a barrel, with Enphase Energy up 1.64% and Chevron up 1.08%.

Investors are also awaiting information from companies on how they have handled supply chain challenges, rising labor costs and other issues related to the COVID-19 pandemic after markets clashed in September.

“The fear of growth probably happened and we’ve seen a better alignment of expectations for higher inflation and lower growth. But where earnings come into play… is that we’re still heading into pockets of really high price pressure.” Which is going to “make business harder for select sectors,” Francis Donald, chief economist at Manulife Global, told Yahoo Finance.

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