rainn.png
Thursday February 2nd, 2023 6:53AM

Stock indexes push higher on Wall Street in midday trading

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Stocks rose in midday trading on Wall Street Wednesday and erased weekly losses for major indexes as traders try to gauge whether the Federal Reserve will succeed in its mission to get inflation under control.

The S&P 500 rose 0.9% as of 11:33 a.m. Eastern and is now in the green for the week. The benchmark index has slipped for three straight weeks.

The Dow Jones Industrial Average rose 235 points, or 0.8%, to 31,380 and the Nasdaq rose 0.9%.

Technology stocks and retailers made solid gains. Intuit rose 2.3%.

Target rose 2.7% after announcing that it is dropping the mandatory retirement age for its CEO position and allowing CEO Brian Cornell to stay on for three more years.

United Airlines rose 1.9% after raising its revenue forecast following a busy summer travel season. The encouraging update helped several competitors take flight. American Airlines rose 1.2% and Delta Air Lines rose 1.5%.

Energy stocks fell broadly as U.S. crude oil prices slipped 3.7%. Valero Energy fell 0.7%.

Bond yields fell. The yield on the 10-year Treasury, which influences interest rates on mortgages and other loans, fell to 3.29% from 3.34% late Tuesday. The two-year Treasury yield, which tends to track expectations for Fed action, fell to 3.46% from 3.51%.

Wall Street's focus remains on inflation and the Fed's attempt to rein in high prices by raising interest rates. The central bank has already raised interest rates four times this year and markets expect them to deliver another jumbo-sized interest rate increase of three-quarters of a percentage point at their next meeting in two weeks.

The central bank has been clear about its determination to continue raising interest rates until it feels that inflation is leveling off or cooling. Investors have been reviewing economic data to gauge whether price increases on everything from food to clothing and gas are easing. They are also closely listening for any clues about potential changes in policy from Fed officials.

Fed Vice Chair Lael Brainard speaks later Wednesday and on Thursday, Fed Chair Jerome Powell takes part in a conversation with the head of the Cato Institute about interest-rate policy.

Markets in Europe and Asia were mostly lower.

China’s trade weakened in August as high energy prices, inflation and anti-virus measures weighed on global and Chinese consumer demand, and imports of Russian oil and gas surged, China's customs data showed. Exports rose 7% over a year ago, decelerating from July’s 18% expansion, while imports contracted by 0.2%, compared with the previous month’s already weak 2.3% growth.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services, AP Business - Utilities
© Copyright 2023 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
New UK Cabinet is diverse in makeup and solidly on the right
Liz Truss’s new Cabinet is Britain’s most diverse ever with women serving as prime minister and deputy prime minister and Black and South Asian politicians filling many of the top jobs
12:17PM ( 3 minutes ago )
UK leader Truss vows energy relief, rules out windfall tax
U.K.  Prime Minister Liz Truss has ruled out a windfall tax on oil companies to pay for her plans to tackle the energy crisis
12:04PM ( 15 minutes ago )
Biden to channel Kennedy in his push for a cancer 'moonshot'
President Joe Biden will highlight his plans for drastically reducing cancer deaths and boosting treatments for the disease in what he has calls “this generation’s moonshot."
11:52AM ( 27 minutes ago )
Associated Press (AP)
Shelling resumes near Ukraine nuclear plant, despite risks
Shelling has resumed in the area of Ukraine’s huge nuclear power plant
11:27AM ( 52 minutes ago )
Wins — and losses — can pile up with sped-up sports betting
Legal sports betting in the United States is getting faster
11:20AM ( 59 minutes ago )
Judge: Musk can use Twitter whistleblower but not delay case
Elon Musk will be able to include new evidence from a Twitter whistleblower as he fights to get out of his $44 billion deal to buy the social media company, but Musk won’t be able to delay a high-stakes October trial over the dispute, a judge ruled Wednesday
11:15AM ( 1 hour ago )
AP Business
New UK Prime Minister Liz Truss inherits an economic storm
Britain’s new prime minister has pledged to rebuild the economy and “ride out the storm” gathering over the country, but Liz Truss faces a daunting job
9:19AM ( 3 hours ago )
EXPLAINER: Why is Xi Jinping's Central Asia trip important?
Chinese President Xi Jinping is expected to meet his Russian counterpart, Vladimir Putin, during a visit to the neighboring Central Asian nation of Uzbekistan this month in what would be his first overseas visit since the start of the COVID-19 outbreak
8:45AM ( 3 hours ago )
US futures waver ahead of appearances by members of the Fed
U.S. futures are fluctuating ahead of public comments from Federal Reserve officials who have all but assured they will crank up interest rates again in their months-long effort to tame inflation
8:30AM ( 3 hours ago )
AP Business - Economy
New UK PM Truss vows to tackle energy crisis, ailing economy
Liz Truss has taken over as U.K. prime minister and is immediately facing up to the enormous tasks ahead of her
8:58PM ( 15 hours ago )
New UK leader vows to tackle energy crisis, ailing economy
Liz Truss has taken over as U.K. prime minister and is immediately facing up to the enormous tasks ahead of her
6:00PM ( 18 hours ago )
Stocks drift lower, extending losses into 4th straight week
Stocks drifted lower on Wall Street, extending the market's losses into a 4th straight week
4:56PM ( 19 hours ago )
AP Business - Financial Markets
EU wants price cap on Russian gas, energy companies to pay
European Commission President Ursula von der Leyen says European Union countries should set a price cap on Russian natural gas
12:10PM ( 9 minutes ago )
UK leader Truss rules out windfall tax for oil companies
British Prime Minister Liz Truss has ruled out a windfall tax on oil companies to pay for her plans to tackle the energy crisis
8:21AM ( 3 hours ago )
Shelling goes on near Ukraine nuclear plant, despite risks
A Ukrainian official says Russian has renewed its shelling in the area of Ukraine’s huge nuclear power plant
7:26AM ( 4 hours ago )
AP Business - Industries
CVS Health moves closer to home care with $8B Signify deal
CVS Health will pay about $8 billion to expand into home care, a practice that could cut costs and keep patients happy, provided they get the help they need
3:32PM ( 20 hours ago )
Global stocks rise as Europe wrestles with gas shortages
Global stock markets and Wall Street futures are higher as Liz Truss prepares to become British prime minister and Europe wrestles with gas shortages
4:54AM ( 1 day ago )
Asian stocks mixed after China promises to boost growth
Asian stock markets are mixed after China promised to speed up policy changes to boost anemic economic growth and Australia's central bank raised its benchmark interest rate
2:18AM ( 1 day ago )
AP Business - Financial Services
Biden touts legislative record as midterms approach
The news is filled with stories about investigations into former President Donald Trump and the fallout over the Supreme Court's ruling on abortion
5:20PM ( 19 hours ago )
What's happening with Ukraine's threatened nuclear plant
Ukraine’s Zaporizhzhia nuclear power plant was built during the Soviet era and is one of the 10 biggest in the world
3:26PM ( 20 hours ago )
EXPLAINER: Europe struggles with crisis as Russia cuts gas
Europe is struggling to contain an energy crisis as Russia throttles back supplies of natural gas
11:25AM ( 1 day ago )
AP Business - Utilities
New UK Cabinet is diverse in makeup and solidly on the right
Liz Truss’s new Cabinet is Britain’s most diverse ever with women serving as prime minister and deputy prime minister and Black and South Asian politicians filling many of the top jobs
12:17PM ( 3 minutes ago )
UK leader Truss vows energy relief, rules out windfall tax
U.K.  Prime Minister Liz Truss has ruled out a windfall tax on oil companies to pay for her plans to tackle the energy crisis
12:04PM ( 15 minutes ago )
Biden to channel Kennedy in his push for a cancer 'moonshot'
President Joe Biden will highlight his plans for drastically reducing cancer deaths and boosting treatments for the disease in what he has calls “this generation’s moonshot."
11:52AM ( 27 minutes ago )
Putin: Russia may halt energy exports if West caps prices
Russian President Vladimir Putin has threatened to completely cut energy supplies to the West if it tries to cap prices of Russian exports
11:51AM ( 28 minutes ago )
Stone Age skeleton missing foot may show oldest amputation
A skeleton from 31,000 years ago may be the earliest evidence found of an amputation surgery in humans
11:49AM ( 31 minutes ago )