Stocks rose in late morning trading on Wall Street Thursday as markets settle down following several days of whiplash moves both up and down.
The S&P 500 index rose 1.2% as of 11:41 a.m. Eastern. More than 80% of stocks within the benchmark index made gains and it is now in the green for the week.Technology stocks led the gains as investors felt comfortable shifting money into areas of the market with higher risks. Technology heavyweight Microsoft rose 3.2% and iPhone maker Apple rose 2.2%.Banks, communications companies and industrial firms also made solid gains.
The Fed has been monitoring the impact of inflation on businesses and consumers and Fed Chair Jerome Powell acknowledged that the pressure isn’t lessening. That could mean the central bank has to take an even more aggressive approach to raising interest rates and removing the support it put in place for markets.
Investors are closely watching the latest round of corporate earnings to gauge just how much companies are getting hurt by inflation and how they expect it to impact them moving forward. Solid earnings did help push shares for many other companies higher. ServiceNow rose 11.7% after the maker of software that automates companies’ technology operations reported strong financial results. Electronic storage maker Seagate Technology rose 14.3% and jeans maker Levi Strauss rose 10.9% after also reporting encouraging financial results.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vikings hire former Wall Street trader Kwesi Adofo-Mensah as GMMINNEAPOLIS — The Minnesota Vikings have hired Kwesi Adofo-Mensah as their general manager, taking an innovative turn with an Ivy League-educated data expert from Cleveland’s front office who once …
Read more »
Shopify Fulfillment Network challenges surprised some on Wall StreetShopify's fulfillment challenges have analysts anxious about the future of the e-commerce giant's competition with Amazon
Read more »
Wall Street gains evaporate, S&P 500 ends lower on Fed tightening timelineThe S&P 500 ended lower on Wednesday, taking an abrupt nosedive that reversed earlier solid gains after the U.S. Federal Reserve released its statement at the conclusion of its two-day policy meeting.
Read more »
“The Biggest Tech Earnings Season In 10 Years”: As Tech Stocks Crater And Recover, Fundamentals MatterIn a volatile market for tech stocks, it's time to pay attention to fundamentals as the earnings season gets underway.
Read more »
Jim Cramer says these hard-hit stocks are profitable and now look cheap enough to buyThe 'Mad Money' host sifted through the Russell 3000 to find stocks down more than 50% from their highs that sell for less than 50 times earnings.
Read more »
Forex Today: Dollar rallies, global stocks plunge, focus shifts to US GDP dataHere is what you need to know on Thursday, January 27: FOMC Chairman Jerome Powell's hawkish remarks late Wednesday triggered a dollar rally and weigh
Read more »