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Wall Street surges, on course to snap longest weekly losing streak in decades

By Stephen Culp NEW YORK (Reuters) - Wall Street extended its rally on Friday as signs of peaking inflation and consumer resiliency sent investors into the long holiday weekend...

By Stephen Culp

NEW YORK (Reuters) - Wall Street extended its rally on Friday as signs of peaking inflation and consumer resiliency sent investors into the long holiday weekend with growing optimism that the Federal Reserve's policy tightening can avoid tipping the economy into recession.

All three major U.S. stock indexes were sharply higher and on track to snap their longest weekly losing streaks in decades.

"We’re in one of those rebound periods," said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York. "Does that mean that the market has found its bottom? We’ll have to see how much staying power this advance has."

"It feels good but something tells me that the selling is not over," Ghriskey added.

The S&P and the Nasdaq suffered seven consecutive weekly declines, the longest since the end of the dot-com bust, while the blue-chip Dow's eight-week selloff was its longest since 1932.

During the S&P's seven weeks of consecutive losses, the bellwether index shed 14.2% of its value, from its April 1 to May 20 Friday closes, during which it threatened to confirm it has been in a bear market since its Jan. 3 record closing high.

"It was inevitable that the losing streak would end," Ghriskey said. "Corrections and bear markets are followed by up markets."

Generally upbeat earnings guidance and solid economic indicators have fueled hopes that the Fed's hawkish maneuvers to contain decades-high inflation will not cool the economy into contraction.

Data released on Friday showed better-than-expected consumer spending and appeared to confirm that inflation, which has dampened corporate earnings guidance and weighed on investor sentiment, has peaked.

This, combined with the minutes from the central bank's most recent policy meeting, which reaffirmed its commitment to rein in spiking prices while remaining responsive to economic data, helped boost risk appetite.

The Dow Jones Industrial Average rose 342.23 points, or 1.05%, to 32,979.42, the S&P 500 gained 69.97 points, or 1.72%, to 4,127.81 and the Nasdaq Composite added 300.70 points, or 2.56%, to 12,041.35.

All 11 major sectors of the S&P 500 were in positive territory amid light trading, with real estate and tech enjoying the largest percentage gains.

Shares of Apple Inc (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT) and Tesla (NASDAQ:TSLA) Inc provided the strongest lift.

First-quarter earnings season is largely in the bag, with 488 of the companies in the S&P 500 having reported. Of those, 77% have beaten consensus expectations, according to Refinitiv.

Ulta Beauty (NASDAQ:ULTA) gained 10.4% following its upbeat quarterly earnings report.

Computer hardware company Dell Technologies (NYSE:DELL) Inc surged 12.1% after beating quarterly profit and revenue estimates.

Apparel retailers Gap Inc (NYSE:GPS) and American Eagle Outfitters (NYSE:AEO) trimmed their annual profit forecasts. The latter dropped 5.5%, while the former rebounded and was last up 2.9%.

Trading volumes are expected to be light ahead of the long weekend, with U.S. stock markets closed on Monday in observance of Memorial Day.

Advancing issues outnumbered declining ones on the NYSE by a 5.96-to-1 ratio; on Nasdaq, a 3.77-to-1 ratio favored advancers.

The S&P 500 posted 3 new 52-week highs and 29 new lows; the Nasdaq Composite recorded 36 new highs and 75 new lows.

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29-03-2024 15:39:29 (UTC+7)

EUR/USD

1.0774

-0.0013 (-0.12%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (1)

EUR/USD

1.0774

-0.0013 (-0.12%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (1)

GBP/USD

1.2626

+0.0003 (+0.03%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (3)

USD/JPY

151.37

-0.01 (-0.00%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6514

-0.0001 (-0.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

USD/CAD

1.3550

+0.0012 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (5)

EUR/JPY

163.07

-0.18 (-0.11%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (8)

Sell (2)

EUR/CHF

0.9717

-0.0010 (-0.10%)

Summary

↑ Sell

Moving Avg:

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Sell (9)

Indicators:

Buy (1)

Sell (6)

Gold Futures

2,254.80

42.10 (1.90%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (0)

Silver Futures

25.100

+0.002 (+0.01%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Copper Futures

4.0115

-0.0003 (-0.01%)

Summary

↑ Buy

Moving Avg:

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Sell (1)

Indicators:

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Sell (0)

Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

Summary

↑ Buy

Moving Avg:

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Brent Oil Futures

86.99

+0.04 (+0.05%)

Summary

Neutral

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Natural Gas Futures

1.752

+0.034 (+1.98%)

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US Coffee C Futures

188.53

-2.12 (-1.11%)

Summary

↑ Sell

Moving Avg:

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (6)

S&P 500

5,254.35

+5.86 (+0.11%)

Summary

↑ Sell

Moving Avg:

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DAX

18,504.51

+27.42 (+0.15%)

Summary

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Moving Avg:

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FTSE 100

7,952.62

+20.64 (+0.26%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (0)

Sell (10)

Hang Seng

16,541.42

+148.58 (+0.91%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,120.15

+5.80 (+0.27%)

Summary

Neutral

Moving Avg:

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Sell (12)

Indicators:

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Sell (4)

IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

Moving Avg:

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Sell (3)

Indicators:

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Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

Summary

↑ Buy

Moving Avg:

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Adidas AG

207.00

+2.30 (+1.12%)

Summary

↑ Buy

Moving Avg:

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Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

 EUR/USD1.0774↑ Buy
 GBP/USD1.2626Neutral
 USD/JPY151.37↑ Buy
 AUD/USD0.6514↑ Buy
 USD/CAD1.3550↑ Sell
 EUR/JPY163.07↑ Buy
 EUR/CHF0.9717↑ Sell
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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Cập nhật 29-03-2024 15:39:31
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Cập nhật lúc 15:34:14 29/03/2024
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