The New York Stock Exchange concluded sharply higher on Wednesday August 3, driven by the Nasdaq and encouraging company results, after the decline the day before when tensions with China had weighed. According to preliminary results at the close, the Dow Jones index gained 1.28%, the tech-heavy Nasdaq jumped 2.59% and the S&P 500 1.56%.
The shares havetook the upward slope thanks to better than expected results and economic datasaid Schwab analysts. Same comment for Jack Ablin of Cresset Capital who felt that many companies’ results had turned out “better than expected“. Moreover, according to him, the recent remarks of the American central bankersshow they are trying to load up their rate hikes early, in an effort to control inflation“. “But this is based on the idea that overnight rates are likely to peak in January-February and be lower the rest of the year.“, said the analyst to AFP which gave confidence to investors.
Especially since James Bullard, the president of the St. Louis Fed, assured Tuesday evening that if the Fed was going to have to “go higher“in terms of rates, the US economy should be able to maneuver”a soft landingie without a severe recession.