Wall Street is on the third consecutive day of gains
Wall Street continued its rebound on Thursday. The Dow Jones closed with a rise of 0.07 or 25.35 points to 34,823.35. The gains were driven by the technology sector but weighed down by unemployment figures that came up worse than expected.
The selective S&P 500 rose by 0.20%, or 8.79 points, to 4,367.48.
Meanwhile, the Nasdaq gained 0.36% or 52.64 points and ended at 14,684.60.
The New York stock market experienced renewed optimism in the face of the business results to be presented next week, including Microsoft, Apple, Facebook and Alphabet.
Microsoft shares increased more than 1% throughout the day after Citi raised its share-price estimate. It proved that the technology giant has the potential to exceed Wall Street expectations on Tuesday.
Despite Monday’s poor session, in which the Dow fell more than 2%, markets have extended the rise this week. The Wall Street benchmark is now less than 1% from its latest record.
Ron Temple, Lazard Asset Management representative, stated that the economy is still on a robust rebound, corporate earnings and profits plummet.
However, the New York stock market was influenced by poor unemployment figures. They increased to 419,000, which is above the expected 350,000.
The technology sector was on the rise, while financial stocks had an unfavourable session
Financial sector stocks, which traditionally move in line with the economy, had a bad session. Bank of America, JP Morgan and Wells Fargo lost more than 1%.
By sector, technology was the one that registered the highest gains rising 0.71%. It was followed by a health sector which added 0.66%. At the same time, non-essential consumer goods increased by 0.58%, and telecommunications gained 0.41 %. Meanwhile, energy slipped by 1.13%, the financial sector lost 1.04%, and real estate shed 0.69%.
Among the thirty Dow Jones stocks, Salesforce led the earnings to increase by 2.55%. Microsoft followed it with a rise of 1.68%. Nike advanced by 1.61%, and Dow profited by 1.26%. As for the losers, Travelers Table recorded the biggest drop yielding 2.69%. JP Morgan Chase followed it with a loss of 1.26%. Meanwhile, Chevron shed 1%, and Walt Disney slid by 0.99%.
