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Wall St ends higher, Cisco Systems jumps after forecast

Stock Markets Aug 18, 2022 04:40PM ET
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2/2 © Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 17, 2022. REUTERS/Brendan McDermid/File Photo 2/2
 
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By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks ended higher Thursday as an upbeat sales forecast from Cisco Systems (NASDAQ:CSCO) helped to lift the technology sector, while data showed the economy remained relatively strong.

Investors were still assessing Wednesday's minutes from the Federal Reserve's July meeting, which they initially saw as supporting a less aggressive stance by the central bank.

But the minutes did not clearly hint at the pace of rate increases and showed policymakers committed to raising rates to tame inflation.

"We're at a point where people are trying to make a judgment about whether the inevitable higher interest rates are going to choke off the upside of the market," said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.

"There are really two camps - one who feels the worst is behind us and continue to buy these selloffs, and the camp that feels the worst is ahead of us and like this is some kind of bear market rally that will retreat."

Traders expect a greater chance of a 50 basis point rise in borrowing costs in September instead of a 75 basis point increase for a third time. [FEDWATCH]

Meanwhile, Cisco's stock gained 5.8% and was among the biggest positives on the three major indexes, after it provided an upbeat forecast for first-quarter sales late on Wednesday as a COVID-19 recovery in China eased supply chain shortages.

The Dow Jones Industrial Average rose 18.72 points, or 0.06%, to 33,999.04, the S&P 500 gained 9.7 points, or 0.23%, to 4,283.74 and the Nasdaq Composite added 27.22 points, or 0.21%, to 12,965.34.

Volume on U.S. exchanges was last at 9.43 billion shares, which would be the lowest for the year so far.

Supporting the view that the Fed may need to be more hawkish, data Thursday showed solid momentum on the U.S. economic front.

The Philadelphia Federal Reserve's monthly manufacturing index rose to 6.2 this month from negative 12.3 in July, topping all 30 estimates in a poll of Reuters economists.

Also, a string of U.S. central bank officials said on Thursday the Fed needs to keep raising borrowing costs to bring high inflation under control, although they debated how fast and how high to lift them.

The Fed has lifted its benchmark interest rate by 225 basis points so far this year.

Focus now could turn to the Fed's annual Jackson Hole symposium late next week.

Other gainers in high-growth stocks included Nvidia (NASDAQ:NVDA), which rose 2.4%.

Among the day's decliners, shares of Kohl's Corp (NYSE:KSS) slid 7.7% after the retailer cut its full-year sales and profit forecasts. Target Corp (NYSE:TGT) fell 1.3%, adding to losses from Wednesday when it reported a bigger-than-expected 90% fall in quarterly earnings.

After a brutal start of the year, stocks have jumped since mid-June, partly because of upbeat earnings.

With the recent big move and second-quarter earnings nearly done, the market may be "at a little bit of an equilibirum," Meckler said.

Advancing issues outnumbered declining ones on the NYSE by a 1.36-to-1 ratio; on Nasdaq, a 1.18-to-1 ratio favored advancers.

The S&P 500 posted 5 new 52-week highs and 29 new lows; the Nasdaq Composite recorded 62 new highs and 63 new lows.

Wall St ends higher, Cisco Systems jumps after forecast
 

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Comments (26)
Nils Hullmann
Nils Hullmann Aug 19, 2022 3:19AM ET
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fed will help to pump up the market till midterms....expect helicopter money....demrats will buy votes like this is mexico
Brad Albright
Brad Albright Aug 19, 2022 3:19AM ET
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You sure do seem to despise a wide variety of people.
First Last
First Last Aug 19, 2022 3:19AM ET
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The covid pandemic and the pandemic stimulus helicopter $ started under Trump & a Republican Congress
jamie
jamie Aug 18, 2022 10:19PM ET
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Democrates wants Trump to be political death upcoming election based on trust that people support them cause of market rally.
Mangalavati Citra
Mangalavati Citra Aug 18, 2022 5:05PM ET
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Inflation threats are not easing. How can it be possible for the Fed to go for 0.5% in September? It doesn’t make sense to me. What did I miss?
Brad Albright
Brad Albright Aug 18, 2022 5:05PM ET
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What did you miss? Inflation threats lessening.
Mitchel Pioneer
Mitchel Pioneer Aug 18, 2022 4:14PM ET
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What a joke.  Close it green at any cost.  Wall Street laughs in the face of the US working class, and through yet another round of CRIMINAL MANIPULATION, hand places the laughingstock of the investing world in the green by the close.  Too bad they miscalculated and missed their precious 34k level.  Laughingstock of the investing world.
First Last
First Last Aug 18, 2022 4:14PM ET
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Wall Street is not for the working class.
Ryan Lennon
Ryan Lennon Aug 18, 2022 4:14PM ET
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you need a new hobby mitch...this one clearly doesn't work for you. Bagholding with the best of them.
jason xx
jason xx Aug 18, 2022 3:50PM ET
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Listen the thing that is going to drop inflation is supply chain recovery simple as that. Everything else is B. S
Martin Babei
Martin Babei Aug 18, 2022 3:46PM ET
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Look at the dollar folks. You know were  this is going. Very soon some serious party will start taking profit and down the drain we go again.
jason xx
jason xx Aug 18, 2022 3:46PM ET
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You are just scared
Martin Babei
Martin Babei Aug 18, 2022 3:46PM ET
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jason xx  really? This is not Facebook were people share their fobia. Make a serious analysis or repel from commenting at all
Martin Babei
Martin Babei Aug 18, 2022 3:46PM ET
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jason xx  really? It that your analysis on the stock market?
Brad Albright
Brad Albright Aug 18, 2022 3:46PM ET
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Okay, you want to be taken seriously? Give us some specific examples of the "serious parties" whose profit taking you think might send the market down the drain. Extra credit if you can convince us that their market holdings constitute a large enough share of the market to make that happen.
Darshpreet Singh
Darshpreet Singh Aug 18, 2022 3:23PM ET
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people don't understand that market does not move in a straight single candle. THE TREND IS UPWARDS FOR GOD'S SAKE PLEASE GET THIS NOW
First Last
First Last Aug 18, 2022 3:23PM ET
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Some rather be right than be profitable.
Martin Babei
Martin Babei Aug 18, 2022 3:23PM ET
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You again . Mrs no nothing. This is not Facebook. It’s not child’s play. Not for rich kids loosing dads money.
Martin Babei
Martin Babei Aug 18, 2022 3:23PM ET
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Robinhood id io t.
Ryan Lennon
Ryan Lennon Aug 18, 2022 3:23PM ET
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he right. higher highs and higher lows for the past 6ish weeks. until that changes, we bullish
Brad Albright
Brad Albright Aug 18, 2022 3:23PM ET
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Hmm, get the impression there are plenty of rich people losing dad's money here, I just don't think they are all kids.
Mitchel Pioneer
Mitchel Pioneer Aug 18, 2022 3:07PM ET
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Miracles and "late trade" magic abound in the BIGGEST INVESTMENT JOKE IN THE WORLD.  The criminal manipulation of the US Ponzi Scheme continues.
First Last
First Last Aug 18, 2022 3:07PM ET
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The current uptrend started at 12:45 pm, so it's "2nd half of day trade", not "late trade".
Ryan Lennon
Ryan Lennon Aug 18, 2022 3:07PM ET
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of course it's manipulated mitch, the entire market is run by algos...learn to play their game and nibble at the scraps they provide. or just don't trade. you clearly aren't good at this.
zaw lin
zaw lin Aug 18, 2022 2:51PM ET
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soe win
Bhagwan Dass
Bhagwan Dass Aug 18, 2022 1:58PM ET
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All the people of us are buyer.dont sell it
 
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