Home News Finance News S&P 500 crossed the key level of 2,800 points after a third...

S&P 500 crossed the key level of 2,800 points after a third consecutive winning session

Wall Street

Share This On Social

Wall Street indexes rose on Wednesday on the background of good performance in the technology sector.

The blue-chip index Dow Jones rose by 148.23 points to 25,702.89 points. The broader S&P 500 moved up by 0.7% to 2,810.92, crossing the key level of 2,800 points and recording a third winning session in a row. The technology index Nasdaq Composite advanced by 1% to 7,643.40 points.

SP500

The S&P 500 tech sector rose by 0.7%. Since the beginning of the week, it has advanced by over 3.5%.

The uptrend on Wednesday was backed by the surprising rise in US durable goods orders, following previous reports showing a sharp slowdown in business investment. The Commerce Department report also showed core capital orders, a key measure of business investment, rising 0.8% in January after falling sharply the two months previous.

Meanwhile, construction spending in the United States posted its biggest increase in nine months, rising by 1.3%. The rise happens amid the growing investment in public projects. The data displaced disappointment from the weaker-than-expected producer price index.

Earlier, Donald Trump said that he is not in a hurry to hammer out a trade deal with China and that Chinese President Xi Jinping knows that the US can walk away from bilateral talks if an agreement isn’t reached. Negotiations between the two sides have turned more intense this week, with the U.S. and China working to remove last “stumbling blocks”.

Corporate stocks performance

The stocks of Nvidia appreciated by 3.8%, heading the good performance of the technology sector. Other chipmakers rose broadly, with the VanEck Vectors Semiconductor ETF (SMH) advancing 0.4%.

The stocks of technology giants Facebook, Amazon, Apple, Netflix, and Alphabet (FAANG) also reported increases during the trading session, ended with a rise between 0.5% and 1.5%.

JPMorgan Chase reported a 0.3% growth in its stock price after the bank announced it would expand its operations in a number of other markets, some of which are dominated by Bank of America. The shares of Bank of America and Citigroup rose by more than 1%.

The stocks of Visa rose by 1.1%, Goldman Sachs spurted 0.8%, while JPMorgan Chase and Procter & Gamble added 0.5% each.

The stocks of Boeing initially rose by more than 1%, but then reversed the trend after the US and Canada also announced they would ban 737 MAX flights.

Meanwhile, semiconductor maker Intel recently added a handle to its nine-month consolidation. The potential buy point is 54.20 USD, near its current price. Intel trades on average 24.5 million shares per day. According to IBD Stock Checkup, Intel now shows a handsome 96 Composite Rating on a scale of 1 to 99.

Restaurant stocks were on track for the third day in a row of gains. Chipotle Mexican Grill added 0.7%, while Wingstop advanced 3% as it bounced off its 50-day line in brisk trade.

Shares of Insys Therapeutics skidded 25% after the opioid maker disclosed in a securities filing that an auditor had raised doubt about its ability to continue as a going concern.

The stocks of Express Inc sank 10% after the fashion apparel retailer beat fourth-quarter profit expectations but missed on net sales and provided the first-quarter outlook that was worse than forecasts.

Corporate earnings reports

The fashion apparel retailer Express Inc reported 2.29% yoy revenue growth. For the past 12 months, Express Inc revenue has gone up by 2.06%. The sustained growth in their revenue has helped boost the earnings per share. Express Inc has seen their earnings per share increased to 0.11 USD during the last quarter in comparison to the same quarter last year. They have recorded a 262.46% growing earnings per share earnings. In the fiscal year 2018, Express, Inc. overcame its bottom line by hitting earning 0.25 USD per share compared to the 0.73 USD in 2017.