Ahead of the Thanksgiving holidays in the U.S., US stocks open higher, especially Financial and technology companies. Best Buy surged 9.8% after the electronics retailer did better than analysts expected. Energy stocks also rose 2% along with U.S oil prices. The Associated Press has the story:
US stocks rise, still unsteady ahead of Thanksgiving
Newslooks- NEW YORK (AP)
Stocks rose on Wall Street Tuesday morning but trading remained unsteady ahead of the Thanksgiving holiday in the U.S.
The S&P 500 rose 0.6% as of 10:20 a.m. Eastern. The Dow Jones Industrial Average rose 276 points, or 0.8%, to 33.880 and the tech-heavy Nasdaq rose 0.3%.
Financial and technology companies gained ground. ground. Charles Schwab rose 2.6% and chipmaker Nvidia rose 1.3%.
Energy stocks moved higher along with a 2% rise in U.S. crude oil prices. Chevron rose 2.1%.
Bond yields fell. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.78% from 3.84% late Monday.
Investors have very little news to review this week, but several retailers and technology companies are closing out the latest round of corporate earnings with their financial results. Best Buy surged 9.8% after the electronics retailer did better than analysts expected and said a decline in sales for the year will not be as bad as it had projected earlier.
Dell Technologies rose 4.2% after the computer maker reported strong third-quarter profit and revenue. Zoom Video slumped 7.5% after giving investors a weak profit and revenue forecast.
Nearly every company in the S&P 500 has reported their latest financial results, according to FactSet, and the results have been mixed. Companies in the index have reported overall earnings growth of about 2%, but have also issued various warnings about weaker consumer demand and crimped sales as inflation continues squeezing consumers.
Inflation and the Federal Reserve’s fight to tame it remains the main concern for Wall Street. The central bank on Wednesday will release minutes from its latest policy meeting, potentially giving investors more insight into its decision-making process.
Wall Street has been hoping that the central bank might ease up on its aggressive rate increases. Its benchmark rate currently stands at 3.75% to 4%, up from close to zero in March.
The Fed has warned that it may have to ultimately raise rates to previously unanticipated level to cool the hottest inflation in decades. That strategy raises the risk that it could go too far in slowing economic growth and bring on a recession.
Markets in Europe and Asia were mostly higher.
