clearn.png
Friday January 27th, 2023 7:03PM

Stocks end broadly higher, breaking a 3-week losing streak

By The Associated Press

Stocks closed broadly higher on Wall Street, breaking a three-week losing streak. The benchmark S&P 500 index rose 1.5% on Friday, but is still well below where it was in mid-August. Big gains for technology companies pushed the Nasdaq composite even higher. The Dow Jones Industrial Average also climbed, as did small-company stocks. All 11 industry sectors of the S&P 500 rose, including energy stocks, which caught a break from recent declines thanks to an upturn in oil prices. DocuSign rose sharply after the electronic signature company reported strong second-quarter sales and raised its subscription forecast.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Stocks are broadly higher on Wall Street in afternoon trading Friday, keeping the market on track to break a three-week losing streak.

The S&P 500 rose 1.7% as of 3:32 p.m. Eastern and is up 3.8% for the week, on pace for its biggest gain in seven weeks. The Dow Jones Industrial Average rose 422 points, or 1.3%, to 32,194 and the Nasdaq rose 2.2%. Each index is on track for its first weekly gain in four weeks.

Technology stocks and retailers had some of the biggest gains. Microsoft rose 2.3% and Amazon rose 2.6%.

DocuSign jumped 10.7% after the electronic signature company reported strong second-quarter sales and raised its subscription forecast.

All 11 industry sectors in the benchmark S&P 500 rose, though makers of household goods and utilities, which are typically considered less risky investments, lagged the market. U.S. crude oil prices rose 3.9%, helping push up energy sector stocks. Exxon Mobil rose 2.1%.

Smaller company stocks also notches solid gains, pushing the Russell 2000 index 2% higher.

Bond yields were mixed. The yield on the 10-year Treasury, which influences interest rates on mortgages and other loans, held steady at 3.33%. The two-year Treasury yield, which tends to track expectations for actions by the Federal Reserve, rose to 3.57% from 3.51%.

The Fed has been the main focus for investors as they try to figure out whether the central bank's plan to cool the hottest inflation in four decades will work or possibly trip an already slowing economy into a recession. Stocks spent July and part of August gaining ground on hopes that the Fed would ease up on its interest rate hikes, but slumped over the last few weeks as it became clear the central bank remained resolute in raising rates.

The central bank has already raised rates four times this year and markets expect it to deliver another jumbo-sized increase of three-quarters of a percentage point at its next meeting in two weeks. Fed officials, including Chair Jerome Powell, have all reaffirmed the central bank's determination in raising rates until inflation is under control.

That has left investors closely watching economic data for any sign that inflation might be cooling. The calendar for such updates will be busy next week.

The Labor Department will release its report on consumer prices for August on Tuesday and a report on wholesale prices on Wednesday. On Thursday, Wall Street will get an update on retail sales for August.

  • Associated Categories: Associated Press (AP), AP National News, Top General short headlines, AP Business, AP Business - Corporate News, 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.
Storm's fierce winds complicate California wildfire fight
A tropical storm nearing Southern California has brought fierce mountain winds, high humidity, rain and the threat of flooding to a region already dealing with wildfires and an extraordinary heat wave
4:05PM ( 16 minutes ago )
Gov. Kristi Noem tried to avoid ethics hearing, seal records
South Dakota Gov. Kristi Noem asked a state ethics board to dismiss a complaint against her without a public hearing and to seal off certain records
3:58PM ( 23 minutes ago )
US counts millionth organ transplant while pushing for more
The U.S. has reached a medical milestone — counting 1 million organ transplants since the first success back in 1954
3:57PM ( 24 minutes ago )
Associated Press (AP)
'A servant queen': World pays tribute to Queen Elizabeth II
Across the globe, the death of Queen Elizabeth II has prompted reflections on the historic sweep of her reign, from presiding over Britain’s colonial empire to embracing the independence of her former dominions
3:14PM ( 1 hour ago )
Politics in air as Biden visits future Intel plant in Ohio
President Joe Biden tried to set politics aside at the Ohio groundbreaking of a new Intel computer chip facility
2:49PM ( 1 hour ago )
California: Drought, record heat, fires and now maybe floods
The record-breaking heat that has pushed California's electrical grid to the breaking point for more than a week is almost over but it's a sign of things to come
1:55PM ( 2 hours ago )
AP Business
EXPLAINER: Europe struggles to cope with Russia gas shutoffs
Europe is struggling to contain an energy crisis as Russia throttles back supplies of natural gas
9:52AM ( 6 hours ago )
Wall Street opens broadly higher and is set for weekly gains
Stocks are opening broadly higher on Wall Street, keeping the S&P 500 on track to break a three-week losing streak
9:48AM ( 6 hours ago )
Ukrainian nuke plant operating tenuously as war persists
Ukraine’s state nuclear energy operator says Europe’s largest nuclear power plant, caught in the Ukraine-Russia war, is operating in emergency mode with elevated risk
8:34AM ( 7 hours ago )
AP Business - Corporate News
Live updates: Charles back in London as king; queen mourned
King Charles III has arrived at Buckingham Palace for the first time as Britain’s monarch
9:30AM ( 6 hours ago )
Wall Street futures rise on Fed Chair comments
Wall Street was poised for gains at the market open on Friday, a day after comments from the U.S. Federal Reserve chairman assured markets that interest rate increases will likely be within expectations
8:36AM ( 7 hours ago )
EU nations seek joint approach to contain energy prices
The European Union is intensifying its mission to shield the population from dramatically increasing energy prices that threaten to plunge millions into cold and poverty over the winter as tensions mount with Russia over the war in Ukraine
5:59AM ( 10 hours ago )
AP Business - Economy
European Central Bank makes largest-ever interest rate hike
The European Central Bank has made its largest-ever interest rate increase to combat record inflation that is squeezing consumers and pushing the 19 countries that use the euro currency toward recession
11:21AM ( 1 day ago )
Long-term mortgage rates now at highest point since 2008
Average long-term U.S. mortgage rates jumped again this week to their highest level in almost 14 years, certain to keep even more potential buyers out of a housing market that’s cooled considerably since the Federal Reserve began jacking up its benchmark borrowing rate
10:27AM ( 1 day ago )
Stocks open lower on Wall Street but cling to weekly gains
Stocks are opening lower on Wall Street, knocking out some of the gains from a day earlier but keeping the market on track to break a three-week losing streak
9:45AM ( 1 day ago )
AP Business - Financial Markets
IAEA: Ukraine power plant needs safe zone to avoid disaster
The head of the U.N. atomic watchdog says conditions at Ukraine’s Zaporizhzhia nuclear power plant are increasingly precarious and a safety zone around it needs to be established immediately to prevent a nuclear accident
10:59AM ( 5 hours ago )
Shaken and stirred: Ukraine war hits James Bond's glassmaker
Iconic French tableware brand Duralex is joining a growing array of European firms that are reducing and halting production because of soaring energy costs provoked by Russia's war in Ukraine
10:30AM ( 5 hours ago )
German court keeps hearing farmer's climate case against VW
Environmentalists are claiming a small legal victory after a court in Germany said it would continue hearing a case brought by a farmer seeking to force automaker Volkswagen to end the sale of combustion engine vehicles
9:46AM ( 6 hours ago )
AP Business - Industries
Powell: Higher rates unlikely to cause deep US recession
The last time the Federal Reserve faced inflation as high as it is now, in the early 1980s, it jacked up interest rates to double-digit levels — and in the process caused a deep recession and sharply higher unemployment
12:01PM ( 1 day ago )
Powell: Higher rates won't likely cause deep US recession
The last time the Federal Reserve faced inflation as high as it is now, in the early 1980s, it jacked up interest rates to double-digit levels — and in the process caused a deep recession and sharply higher unemployment
11:43AM ( 1 day ago )
Fewer Americans apply for jobless aid last week
Fewer Americans filed for unemployment benefits last week as the labor market remains continues to remain strong despite decades high inflation
8:40AM ( 1 day ago )
AP Business - Financial Services
NATO chief warns of hard winter for Ukraine and its backers
NATO Secretary-General Jens Stoltenberg says Ukraine and its supporters face a tough winter
11:31AM ( 1 day ago )
Truss: UK to cap domestic energy prices, end fracking ban
British Prime Minister Liz Truss says her Conservative government will cap domestic energy prices for homes and businesses to ease the cost-of-living crisis
10:49AM ( 1 day ago )
Summer of '22 brought record heat, solar power to Europe
Europe has smashed previous temperature records this summer, with long periods of sunshine causing sweltering conditions across much of the continent but also helping boost much-needed solar power
10:18AM ( 1 day ago )
AP Business - Utilities
Storm's fierce winds complicate California wildfire fight
A tropical storm nearing Southern California has brought fierce mountain winds, high humidity, rain and the threat of flooding to a region already dealing with wildfires and an extraordinary heat wave
4:05PM ( 16 minutes ago )
Gov. Kristi Noem tried to avoid ethics hearing, seal records
South Dakota Gov. Kristi Noem asked a state ethics board to dismiss a complaint against her without a public hearing and to seal off certain records
3:58PM ( 24 minutes ago )
US counts millionth organ transplant while pushing for more
The U.S. has reached a medical milestone — counting 1 million organ transplants since the first success back in 1954
3:57PM ( 25 minutes ago )
Colombia, Venezuela border to reopen to cargo traffic
The presidents of Colombia and Venezuela say the years-long closure of their countries’ shared border to cargo transport will end Sept. 26
3:55PM ( 27 minutes ago )
Ukraine claws back some territory; nuclear plant in peril
Ukrainian forces are claiming new success in their counteroffensive against Russian forces in the east, taking control of a sizeable village and pushing toward an important transport junction
3:53PM ( 29 minutes ago )