US close: Stocks mixed following Powell's ECB speech
By Iain Gilbert
Date: Wednesday 29 Jun 2022
(Sharecast News) - Wall Street stocks turned in a mixed performance on Wednesday as market participants digested comments from Federal Reserve chairman Jerome Powell at the European Central Bank forum.
At the close, the Dow Jones Industrial Average was up 0.27% at 31,029.31, while the S&P 500 closed 0.07% weaker at 3,818.83 and the Nasdaq Composite saw out the session 0.03% softer at 11,177.89.
The Dow closed 82.32 points higher on Wednesday, reclaiming some of the losses recorded in the previous session when market participants came to terms with news that consumer confidence had hit a 16-month low.
Market participants were firmly focussed on goings-on across the pond on Wednesday, with Fed chairman Jerome Powell saying the US economy was in "strong shape" and that the central bank will be able to reduce inflation to 2% at the same time as maintaining a solid labour market.
On the macro front, the US economy shrank at a 1.6% annual clip in the first quarter of 2022, according to the Bureau of Economic Analysis, a sharp reversal from the 6.9% increase in the fourth quarter after corporate profits fell more than originally expected.
Elsewhere, mortgage applications rose 0.7% week-on-week in the seven days ended 24 June, according to the Mortgage Bankers Association, as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 5.84% from 5.98%.
In the corporate space, Bed, Bath and Beyond revealed chief executive Mark Tritton will depart the group after reporting a $357.7m first-quarter loss, while General Mills issued disappointing full-year profit guidance.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
McDonald's Corp. (MCD) $247.74 2.02%
Microsoft Corp. (MSFT) $260.26 1.47%
Unitedhealth Group Inc. (UNH) $515.71 1.43%
Home Depot Inc. (HD) $273.87 1.38%
Apple Inc. (AAPL) $139.23 1.30%
Goldman Sachs Group Inc. (GS) $303.28 1.27%
Verizon Communications Inc. (VZ) $50.94 0.95%
Procter & Gamble Co. (PG) $142.20 0.91%
Amgen Inc. (AMGN) $245.43 0.79%
Coca-Cola Co. (KO) $62.73 0.72%
Dow Jones - Fallers
Caterpillar Inc. (CAT) $183.48 -2.11%
Chevron Corp. (CVX) $146.92 -1.97%
American Express Co. (AXP) $139.45 -1.91%
Intel Corp. (INTC) $37.29 -1.30%
Dow Chemical Co. (DOW) $51.98 -1.05%
Travelers Company Inc. (TRV) $165.80 -1.00%
International Business Machines Corporation (CDI) (IBM) $140.71 -0.81%
Salesforce.Com Inc. (CRM) $170.61 -0.50%
JP Morgan Chase & Co. (JPM) $115.30 -0.45%
3M Co. (MMM) $129.77 -0.43%
S&P 500 - Risers
General Mills Inc. (GIS) $74.72 6.35%
Abiomed Inc. (ABMD) $256.49 2.97%
Monster Beverage Corp (MNST) $93.35 2.80%
J. M. Smucker Co. (SJM) $130.70 2.74%
Idexx Laboratories Inc. (IDXX) $358.22 2.58%
Zoetis Inc (ZTS) $173.92 2.23%
Henry Schein Inc. (HSIC) $77.65 2.14%
Meta Platforms Inc. (META) $163.94 2.03%
McKesson Corp. (MCK) $328.06 2.02%
McDonald's Corp. (MCD) $247.74 2.02%
S&P 500 - Fallers
Carnival Corp. (CCL) $8.87 -14.13%
Royal Caribbean Cr (RCL) $36.02 -10.26%
Norwegian Cruise Line Holdings Ltd (NCLH) $11.57 -9.33%
Bath & Body Works, Inc. (BBWI) $26.40 -8.97%
Apache Corp. (APA) $36.10 -6.89%
Valero Energy Corp. (VLO) $108.85 -6.37%
Devon Energy Corp. (DVN) $55.82 -6.12%
Diamondback Energy Inc. (FANG) $122.31 -5.77%
Franklin Resources Inc. (BEN) $23.27 -5.71%
Marathon Oil Corp. (MRO) $22.79 -5.55%
Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $93.35 2.80%
Idexx Laboratories Inc. (IDXX) $358.22 2.58%
Trip.com Group Limited (TCOM) $27.90 2.50%
Henry Schein Inc. (HSIC) $77.65 2.14%
Meta Platforms Inc. (META) $163.94 2.03%
Dollar Tree Inc (DLTR) $156.24 1.74%
DENTSPLY Sirona Inc. (XRAY) $36.39 1.56%
Vertex Pharmaceuticals Inc. (VRTX) $280.35 1.51%
Charter Communications Inc. (CHTR) $463.84 1.49%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $391.64 1.49%
Nasdaq 100 - Fallers
Qurate Retail Inc. (QRTEA) $3.00 -5.06%
Paychex Inc. (PAYX) $114.85 -4.20%
American Airlines Group (AAL) $13.03 -3.48%
Applied Materials Inc. (AMAT) $91.94 -3.24%
Micron Technology Inc. (MU) $56.02 -3.18%
KLA-Tencor Corp. (KLAC) $320.57 -2.88%
Western Digital Corp. (WDC) $45.40 -2.87%
Nvidia Corp. (NVDA) $155.42 -2.75%
Lam Research Corp. (LRCX) $427.05 -2.56%
Wynn Resorts Ltd. (WYNN) $58.00 -2.54%
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