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Wall Street’s main indexes rebounded strongly on Thursday, February 24, after a three-day slide amid a flurry of diplomatic talks to stop a full-scale Russian offensive in Ukraine.
The S&P 500 surged 1.50% to 4,288.70. The Dow Jones rose 0.28% to 33,223.83. The NASDAQ Composite gained 3.34% at 13,473.59, and the small-cap Russell 2000 rose 2.64% to 1,995.34.
On Thursday, President Joe Biden announced additional sanctions on Russian banks and state-owned enterprises, barring transactions in US dollar, Euro, British pound, and Japanese yen.
Ukraine’s central bank suspended its foreign-exchange market as martial law came into force. Meanwhile, diplomatic efforts continued to stop Russia from launching an all-out war.
On the economic front, the Labor Department said weekly jobless claims fell by 17,000 to 232,000 from the week earlier.
The positive labor data and optimism over Biden’s handling of the Ukraine crisis has sent the stocks higher.
Technology, communication services and consumer discretionary sectors were the top gainers. Seven out of the 11 sectors of the S&P 500 index closed in the positive territory. Consumer staples, energy, and financials sectors were the bottom movers.
Vaccine maker Moderna, Inc. (MRNA) stock jumped more than 14% after posting strong quarterly earnings. It expects a minimum of US$19-billion vaccine sales in 2022.
Cybersecurity company Palo Alto Networks, Inc. (PANW) stock rose over 12% after reporting earnings. The revenue increased by 30% YoY to US$1.3 billion in the second quarter of FY22.
Alibaba Group Holding Limited ADR (BABA) stock plunged nearly 2% after missing quarterly estimates. Its revenue increased by 10% in the previous year.
Camber Energy, Inc. (CEI) rose 24%, and Enphase Energy, Inc. (ENPH) gained over 15% intraday.
In the technology sector, Apple Inc. (AAPL) stock jumped 1.67%, Microsoft Corp. (MSFT) rose 5.11%, and Nvidia Corporation (NVDA) gained 6.08%. Broadcom Inc. (AVGO) and Cisco Systems, Inc. (CSCO) increased by 2.62% and 0.53%, respectively.
In the communication services sector, Alphabet Inc (Googl) rose 4.00%, Meta Platform Inc. (FB) surged 4.61%, and Walt Disney Company (DIS) advanced 2.42%. Comcast Corporation (CMCSA) and Netflix Inc. (NFLX) increased by 1.95% and 6.14%, respectively.
In the consumer staples sector, Procter & Gamble Company (PG) stock fell 2.69%, PepsiCo Inc. (PEP) decreased by 1.74%, and Walmart Inc. (WMT) plunged 0.39%. Philip Morris International Inc (PM) and Mondelez International Inc. (MDLZ) fell by 5.34% and 2.46%, respectively.
The global crypto market was down 0.02% to US$1.71 trillion, as per coinmarketcap.com at 3:57 pm ET. Bitcoin (BTC) price surged 1.65% to US$38,265.77 in the last 24 hours.
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Futures & Commodities
Gold futures declined 0.64% to US$1,898.10 per ounce. Silver futures decreased by 1.56% to US$24.170 per ounce, while copper futures jumped 0.23% to US$4.4945.
Brent oil futures increased by 1.37% to US$95.34 per barrel and WTI crude futures were up by 0.80% to US$92.84.
Bond Market
The 30-year Treasury bond yields increased 0.62% to 2.289, while the 10-year bond yields were down 0.34% to 1.970.
US Dollar Futures Index surged 0.87% at US$97.023.
Developments In The Market- Is It Going To Crash ?
