Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Wall Street climbs, adding to recent gains as megacaps rise

Stock Markets Aug 15, 2022 07:11PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 22, 2022. REUTERS/Brendan McDermid/File Photo
 
US500
+1.97%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
+1.88%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MSFT
+1.97%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AAPL
-1.27%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
WMT
+1.65%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
HD
+5.02%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks rose on Monday with megacap growth shares, extending the market's recent rally amid investor optimism the Federal Reserve can achieve a soft landing for the economy.

Shares of Apple Inc (NASDAQ:AAPL) climbed 0.6%, while Microsoft Corp (NASDAQ:MSFT) rose 0.5% and Tesla (NASDAQ:TSLA) Inc jumped 3.1%.

Those stocks gave the S&P 500 and Nasdaq their biggest boosts as U.S. Treasury yields eased. China's central bank cut key lending rates in a surprise move to revive demand after the economy unexpectedly slowed in July.

Consumer staples and utilities sectors also had strong gains.

The S&P 500 has rebounded sharply since mid-June, helped last week by signs that inflation may have peaked in July. The benchmark remains down about 10% since Dec. 31.

"Market participants (are) looking at the Fed and saying, 'Hey, they're going to be cutting rates here sooner than we know, and that's going to be good for the equity market,'" said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.

The Dow Jones Industrial Average rose 151.39 points, or 0.45%, to 33,912.44, the S&P 500 gained 16.99 points, or 0.40%, to 4,297.14 and the Nasdaq Composite added 80.87 points, or 0.62%, to 13,128.05.

The Fed since March has delivered a stiff set of interest rate increases in an effort to battle inflation. Some investors have worried that an aggressive pace of rate hikes by the U.S. central bank could push the economy into recession.

Higher interest rates can depress stock multiples, especially of technology and other growth stocks.

The S&P 500 value index underperformed the S&P 500 growth index on the day. The S&P 500 energy index was down 2%.

Quarterly reports from big retailers are expected this week and will round out the second-quarter reporting period. Results from Walmart (NYSE:WMT) Inc and Home Depot Inc (NYSE:HD) are due before the bell on Tuesday. Walmart was up 0.3% while Home Depot was nearly flat.

Target Corp (NYSE:TGT) is also due to report quarterly results this week.

Estimated earnings growth on the second quarter for S&P 500 companies has improved since July 1, and news from U.S. companies has mostly surprised investors, who had been bracing for a gloomier outlook on both businesses and the economy.

U.S.-listed shares of China's e-commerce giant Alibaba (NYSE:BABA) Group Holding Ltd slipped 0.6%.

Volume on U.S. exchanges was among the lowest so far this year. About 9.59 billion shares changed hands, compared with the 10.97 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.38-to-1 ratio favored advancers.

The S&P 500 posted 9 new 52-week highs and 29 new lows; the Nasdaq Composite recorded 82 new highs and 27 new lows.

Wall Street climbs, adding to recent gains as megacaps rise
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (31)
Dave Jones
Dave Jones Aug 16, 2022 1:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
wall street climbs as wall street gains due to wall street rises? I think that sums it up!
BD
BD Aug 15, 2022 8:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
New all time highs in a few months. You newbies who have no clue how the economy and stock market works will be shell shocked and screaming manipulation while I'm already up 50% since the June bottom. Shorts are trapped and desperate as heck. LMAO
Megat Anwar
Megat Anwar Aug 15, 2022 8:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
you talked like your head got stucked in a jar
Derick Lim
Derick Lim Aug 15, 2022 6:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Looks like artificial bull market......
Marco cuevas
Marco cuevas Aug 15, 2022 6:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fake financial journalism failed to bring the market dkwn...lots of. Egative articles managed to open PM with -70% but failed to hold off the bulls nice try big money...better luck. Ext time.
Q Hero
Q Hero Aug 15, 2022 4:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wall street faking fruad
First Last
First Last Aug 15, 2022 4:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Quit wasting ink on a fake fraud.
Ronald Warren
Ronald Warren Aug 15, 2022 4:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
First Last September 6th. Put that in Brad's pipe and smoke it!
Kerry Ditto
Kerry Ditto Aug 15, 2022 2:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
no synergy policies among nations are the key problem. they try to gain by hurting others. worst prospect in history. maybe the end of world is near
First Last
First Last Aug 15, 2022 2:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Russia & China are the ones flirting w/ WW III
Pwr Strk
Pwr Strk Aug 15, 2022 2:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
you should change the word growth for volatility in that headline
jamie
jamie Aug 15, 2022 1:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It looks US market is now suicide rally. Cause US cannot stand only in global economic slow down era. Import price rocket the inflation again. I have no idea where come the blind buying but There are a lot of possibility of serious and tragic end in market before the coming election. What about Chinese property burst?
Show previous replies (6)
Samer Diab
Samer Diab Aug 15, 2022 1:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
people like u should never trade as there will always be something bad to talk about
First Last
First Last Aug 15, 2022 1:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
jamie  Today in another in article here you said, "Even I don't know US is in recession".  That contradicts your "clear evidence".
jamie
jamie Aug 15, 2022 1:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
First Last Enjoy the party, it will not last long.
jamie
jamie Aug 15, 2022 1:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
People like me usually survive in market and talk to the others the Wisdom.
jamie
jamie Aug 15, 2022 1:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Inflation will be no matter to move the market anymore. Economic slow down will replace it.
Djamshid Bakiev
AMMM Aug 15, 2022 1:38PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
recession, where recession? Top 5 mega cap companies with 40% of nas index reported acceptable earnings, which do not qualify to something close to recession. Inflation is high, but the last one was down, so good news again. Implied FED hikes are down mostly due to recession fears, but pricing of this event by the bond market lies farther in the future than speculative stock market. As a result, a rally, which might go beyond the last's bear SL. And last one, households still posess huge amount of liquidity from biden's helicopter money, which makes them resilient to any mild economic downturn. That's it!
First Last
First Last Aug 15, 2022 1:38PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
NBER Business Cycle Dating Committee has been right not to declare an official recession.
Casador Del Oso
Casador Del Oso Aug 15, 2022 1:31PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Teflon market??? Last time I heard that was in 2000.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email