New York: US stock The S&P 500 edged higher on Tuesday, closing at a 2-1/2-month high, as Best Buy’s sales forecast eased concerns that high inflation would lead to a dismal holiday shopping season while oil prices The jump in the U.S. helped lift energy stocks.
Best Buy Company Inc. As the best-performing stock on the S&P 500 index rose 12.78%, the retailer forecast a smaller decline in annual sales than previously announced and expressed confidence that the ramp up in deals and discounts will entice more customers.
Gains in Best Buy helped lift the S&P Retail 500 index by 1.21%.
In contrast, Dollar Tree Inc., the worst-performing S&P 500 component, declined 7.79%, which also limited the retail index’s gains as the discount retailer cut its annual profit forecast for a second time.
“If you look at the continuum of income and consumers, it’s the top half that’s going to be relatively impervious to costs rising to some degree or the other where the bottom half is going to be more vulnerable,” said Shawn Cruz, head trading strategist in Chicago. In TD Ameritrade.
“So the dollar trees of the world don’t really have much ability to pass on those costs, so they’re going to be hit pretty badly.”
Dow Jones The industrial average rose 397.82 points, or 1.18%, to 34,098.1, the S&P 500 rose 53.64 points, or 1.36%, to 4,003.58 and nasdaq The Composite closed up 149.90 points, or 1.36%, at 11,174.41.
The S&P 500 closed at its highest level since September 12.
Also providing support was the energy sector, which climbed 3.18% after two sessions’ decline as Saudi Arabia said OPEC+ was sticking with output cuts, shooting down a report on Monday that said The alliance was looking to increase production, which had led to a sharp fall in crude oil prices.
As investors continue to brace for a Federal Reserve rate hike path, Cleveland Fed Chair Loretta Mester reiterated Tuesday that tamping down inflation is important for the central bank, a day after supporting a smaller rate hike in December. Is. Esther George, president of Kansas City, said the central bank may need to raise interest rates to higher levels and keep them for a longer period of time in order to spur consumer demand and reduce inflation.
Investors also awaited comments from St. Louis Fed Reserve President James Bullard on Tuesday ahead of the minutes of the Fed’s November meeting scheduled for Wednesday.
Volume was light for the session and is likely to be lower on Thursday over the Thanksgiving holiday, with US stock markets open for the half session on Friday.
Volume on US exchanges stood at 9.45 billion shares, compared to an average of 11.75 billion for the entire session over the past 20 trading days.
Dow component Walgreens Boots Alliance Inc rose 2.96% after Cowen & Co upgraded the drug distributor’s stock, citing its healthcare services business push.
Manchester United shares jumped late in the session after Sky News reported the Glazer family, which owns the football club, was exploring financial options that could include an outright sale, and closed 14.66% higher.
Agilent Technologies Inc climbed 8.08% after the application-focused solutions company reported a rise in fourth-quarter revenue.
The fall in the dollar and US Treasury yields also helped support risk appetite.
Advancing issues declined in the ratio of 3.40-to-1 on the NYSE; On the Nasdaq, the 1.56-to-1 ratio was in favor of advancers.
The S&P 500 posted 24 new 52-week highs and 3 new lows; The Nasdaq Composite recorded 108 new highs and 224 new lows.
Best Buy Company Inc. As the best-performing stock on the S&P 500 index rose 12.78%, the retailer forecast a smaller decline in annual sales than previously announced and expressed confidence that the ramp up in deals and discounts will entice more customers.
Gains in Best Buy helped lift the S&P Retail 500 index by 1.21%.
In contrast, Dollar Tree Inc., the worst-performing S&P 500 component, declined 7.79%, which also limited the retail index’s gains as the discount retailer cut its annual profit forecast for a second time.
“If you look at the continuum of income and consumers, it’s the top half that’s going to be relatively impervious to costs rising to some degree or the other where the bottom half is going to be more vulnerable,” said Shawn Cruz, head trading strategist in Chicago. In TD Ameritrade.
“So the dollar trees of the world don’t really have much ability to pass on those costs, so they’re going to be hit pretty badly.”
Dow Jones The industrial average rose 397.82 points, or 1.18%, to 34,098.1, the S&P 500 rose 53.64 points, or 1.36%, to 4,003.58 and nasdaq The Composite closed up 149.90 points, or 1.36%, at 11,174.41.
The S&P 500 closed at its highest level since September 12.
Also providing support was the energy sector, which climbed 3.18% after two sessions’ decline as Saudi Arabia said OPEC+ was sticking with output cuts, shooting down a report on Monday that said The alliance was looking to increase production, which had led to a sharp fall in crude oil prices.
As investors continue to brace for a Federal Reserve rate hike path, Cleveland Fed Chair Loretta Mester reiterated Tuesday that tamping down inflation is important for the central bank, a day after supporting a smaller rate hike in December. Is. Esther George, president of Kansas City, said the central bank may need to raise interest rates to higher levels and keep them for a longer period of time in order to spur consumer demand and reduce inflation.
Investors also awaited comments from St. Louis Fed Reserve President James Bullard on Tuesday ahead of the minutes of the Fed’s November meeting scheduled for Wednesday.
Volume was light for the session and is likely to be lower on Thursday over the Thanksgiving holiday, with US stock markets open for the half session on Friday.
Volume on US exchanges stood at 9.45 billion shares, compared to an average of 11.75 billion for the entire session over the past 20 trading days.
Dow component Walgreens Boots Alliance Inc rose 2.96% after Cowen & Co upgraded the drug distributor’s stock, citing its healthcare services business push.
Manchester United shares jumped late in the session after Sky News reported the Glazer family, which owns the football club, was exploring financial options that could include an outright sale, and closed 14.66% higher.
Agilent Technologies Inc climbed 8.08% after the application-focused solutions company reported a rise in fourth-quarter revenue.
The fall in the dollar and US Treasury yields also helped support risk appetite.
Advancing issues declined in the ratio of 3.40-to-1 on the NYSE; On the Nasdaq, the 1.56-to-1 ratio was in favor of advancers.
The S&P 500 posted 24 new 52-week highs and 3 new lows; The Nasdaq Composite recorded 108 new highs and 224 new lows.