Stocks rally to end the first day of the second half, Dow jumps 300 points - 04 iulie 2022
Stocks rose on Friday to start the quarter after the S&P 500 closed out its worst first-half performance in decades. The Dow Jones Industrial Average (DE.SXRU) rose 321.83 points, or 1.1%, to 31,097.26. The S&P 500 (DE.SXR8) rose 1.1% to 3,825.33.
The Nasdaq Composite (DE.SXRV) was also up by 0.9% to 11,127.85.
Homebuilder stocks contributed to the market going higher, with PulteGroup (US.PHM) umping 6.5%, while Lennar (US.LEN) and D.R. Horton (US.DHI) rose more than 5% each. Etsy (US.ETSY) shares popped 9% to lead the S&P 500 higher.
McDonald’s (US.MCD) led the Dow higher with a 2.5% gain. Coca-Cola and Boeing also rose more than 2%.
Despite the gains, all of the major averages posted their fourth down week in five. The Dow fell 1.3% for the week. The S&P 500 lost 2.2%, and the Nasdaq finished lower by 4.1%. Investors remained focused on warning signs from several companies that lowered their profit guidance, adding to investor concerns that persistent inflation at decades long highs could continue to put pressure on share prices.
General Motors edged higher by 1.4%, even after the company warned about manufacturing issues in the second quarter that could bring its net income for the quarter to between $1.6 billion and $1.9 billion. Analysts expected GM’s net income to be about $2.5 billion during the second quarter, according to FactSet.
Meanwhile, Micron Technology fell about 3% on the back of disappointing fiscal fourth-quarter guidance. Several other chipmakers fell with it. Nvidia lost 4%. Qualcomm, Western Digital and Advanced Micro Devices pulled back by about 3% each.
Shares of Kohl’s fell 19.6% after the retailer cut its outlook for the fiscal second quarter, citing softer consumer spending, and terminated talks to sell its business, saying the retail environment has deteriorated since the beginning of its bidding process.
https://www.cnbc.com/2022/06/30/stock-market-futures-open-to-close-news.html