Wall Street ends up, swelled by company results

Wall Street ends up, swelled by company results
Wall Street ends up, swelled by company results

New York (AFP)

The New York Stock Exchange closed higher on Tuesday after a session inflated by strong corporate results in the third quarter.

According to final results, the Dow Jones index finished up 0.56% to 35,457.31 points. The technology-intensive Nasdaq climbed 0.71% to 15,129.09 points.

The S&P 500 advanced 0.74% to 4,519.63 points, approaching its high in early September.

The session was also animated by the reception of a new listed financial product, the first index fund (ETF) linked to bitcoin.

This listing of the ProShares ETF, based on cryptocurrency-related futures and authorized for the first time on the New York financial center, represented an important symbolic step in the popularization of digital assets.

Introduced at $ 40 per share, the BITO fund closed up 4.4% at $ 41.77 while bitcoin continued its parallel rise at the same pace (+ 4.42%) to reach $ 64,056 at 8:00 p.m. GMT , very close to its April record (64,870 dollars).

“The rebound continues thanks to corporate results even as bond rates tighten and oil prices rise,” said Peter Cardillo of Spartan Capital Securities.

Yields on 10-year Treasuries were up 1.63% from 1.60% as inflation increasingly shows up in corporate accounts and their outlook.

Inflation remains “the number one concern,” said National Securities’ Art Hogan, as investors look to see if cost increases “are going to have a deleterious effect on profit margins and forecasts for the next quarter and the start. next year “.

The American group of consumer goods Procter & Gamble (P&G) dropped 1.13% to 140.73 dollars after revealing quarterly sales exceeding expectations but mentioned the weight of the rise in the costs of raw materials and transport in his activity.

– Bitcoin on Wall Street –

Pharmaceutical group Johnson & Johnson (J&J) climbed 2.34% to 163.96 dollars and pulled health sector stocks up like Merck (+ 3.03% to 79.49 dollars) or Pfizer (+ 1.91% to $ 42.11).

J&J has revised upwards its profit forecast for 2021.

The single-dose Covid-19 vaccine that the company sells at cost generated $ 502 million in revenue in the quarter.

J&J expects revenue of $ 2.5 billion for its vaccine for the full year.

The title of the Halliburton oil services group, which fell in session, stabilized (+ 0.27% to 26.08 dollars) after presenting a turnover a little lower than analysts’ forecasts but a return to profits . The company expects an increase in its activity because of the “structural and global tightening of the commodity market,” said CEO Jeff Miller.

Netflix, which announced its results after the close, advanced 0.54% in post-session electronic trading to $ 642 after exceeding expectations. The streaming service garnered 4.4 million additional subscribers in the third quarter.

The online video service now has 213.5 million paid subscriptions worldwide, and expects 222 million at the end of the year.

BITO, the first ETF linked to bitcoin authorized on Wall Street, for its part made a grand entrance, even inviting the leaders of its manager ProShares to the New York Stock Exchange to come and ring the bell which symbolizes the opening of the Marlet.

“So far, it is positive and well received by the market. It is obviously a new investment vehicle that allows exposure to bitcoin,” said Peter Cardillo.

© 2021 AFP

 
For Latest Updates Follow us on Google News
 

NEXT Omega 3 Pufa Market Huge Demand, In-Depth Analysis, and Estimated Forecast to 2028