S&P 500 closes higher led by defensive stocks

Fed’s Collins Raises 75bps at Table Grindr Surges Market Debuts Gap Stock Gains on Optimistic Results: Dow 0.59%, S&P 0.48%, Nasdaq 0.01% Nov. 18 (Reuters) – Wall Street’s benchmark S&P 500 on Friday It ended on an uptrend. Boston Fed President Susan Collins said the Fed ignored hawkish comments by Fed officials about raising interest rates because there was little evidence that price pressures were waning. Another 75 basis point rate hike needed to control inflation St. Louis Fed President James Bullard on Thursday encouraged stocks to slide, saying the Fed should continue to raise rates given that it has stayed tight so far. . “The impact on observed inflation was limited,” he said. “We had very hawkish talks, but the market really took it in stride,” said Keith Lerner, co-head of Investmentm. Director of Trust Advisory Services. “It didn’t hit the market with a downtrend like it did in the past.” The Dow Jones Industrial Average (.DJI) rose 199.37 points (0.59%) to 33,745.69, while the S&P 500 Index (.SPX) rose 18.78 points. Or 0.48%, at 3,965.34, the Nasdaq Composite Index (.IXIC) added 1.11 points (0.01%) to reach 11,146.06.-Expected inflation data sparked hopes that the central bank could ease market-punishment rate hikes. The Nasdaq Composite fell 1.6%. “The market is in a bit of a holding pattern ahead of employment and other economic data,” said Lauren Goodwin, an economist and portfolio strategist at New York Life Investments. November 15, 2022 New York Stock Exchange (NYSE) in New York City, USA. REUTERS/Brenda McDermid/File Photo “It’s Fed policy and the gravitational pull of rising interest rates, of course, that moves all stocks. It’s in the stock market as a whole,” Goodwin said. I don’t see any substantive evidence that this will decrease.” Utilities (.SPLRCU) rose 2%, real estate (.SPLRCR) rose 1.3% and healthcare (.SPXHC) rose 1.2%. The energy sector (. SPNY) fell 0.9% as oil prices fell, weighed down by weakening Chinese demand and concerns about further hikes in US interest rates. Shares of Gap Inc (GPS.N) rose 7.6% after the company beat quarterly Wall Street estimates. Shares of Live Nation Entertainment (LYV.N) jumped 7.6%, according to The New York Times, U.S. Department of Justice. It fell 7.8% after Ticketmaster reported that it was investigating whether its parent company was abusing its rights to the multi-billion dollar live music industry, numbering a 1.54-to-1 decline on the NYSE and a 1.13-to-1 ratio on the NASDAQ. This uptrend was favored: the S&P 500 made 8 new 52-week highs and 3 new lows The Nasdaq Composite made 62 new highs and 141 new lows About 9.7 billion shares on US exchanges in the last 20 days An average of 12 billion shares were traded per day during: reporting by Lewis Krauskopf, Shubham Batra, Ankika Biswas, and Amruta of New York; Khandekar of Bengaluru; editing by Vinay Dwivedi, Arun Koyyur, and Grant McCool.
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