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US close: Stocks rise despite interest rate hikes

By Josh White

Date: Thursday 23 Mar 2023

US close: Stocks rise despite interest rate hikes

(Sharecast News) - Wall Street markets finished in the green on Thursday, as investors took into account interest rate hikes from a number of central banks globally.
The Dow Jones Industrial Average rose 0.23% to close at 32,105.25, while the S&P 500 gained 0.3% to reach 3,948.72.

The Nasdaq Composite was the top performer, jumping 1.01% to end the day at 11,787.40.

Earlier in the day, the Bank of England and the Swiss National Bank raised interest rates, coming on the back of the Federal Reserve's overnight hike, which was widely anticipated by investors.

In currency markets, the dollar gained 0.04% on sterling to trade at £0.8142, while it weakened 0.01% against the euro to €0.9231.

It also declined against the yen, by 0.07% to change hands at JPY 130.76.

"It looks like it will take more than some hikes by central banks to deter investors from pushing stocks higher," said IG chief market analyst Chris Beauchamp earlier.

"After a shaky start this morning equities have had a better afternoon; European markets have clawed back most of their losses while the US is enjoying renewed strength.

"It seems the Fed was able to strike the right note after all."

Jobless claims data shows tight labour market

In economic news, the Department of Labor's latest weekly unemployment data continued to indicate a tight job market, as the number of initial jobless claims fell 20,000 in seasonally-adjusted terms to reach 192,000 for the week ended 11 March.

That was better than the predicted print of 201,000, as pencilled in by economists.

The four-week moving average also showed a decline of 750 to 196,500.

Additionally, the number of secondary unemployment claims decreased by 29,000 to reach 1.684 million for the week ended 4 March.

"A tight labour market will lead to further rate hikes from the Fed, although the FOMC will proceed more cautiously given the recent stress in the banking system and its uncertain impact on the economy," said Nancy Vanden Houten and Ryan Sweet at Oxford Economics, in a research report to clients.

On the other hand, new home sales in the US showed slower growth than anticipated last month, increasing at a month-on-month pace of 1.1% to reach 640,000 in seasonally-adjusted terms, according to the Department of Commerce.

That was below the expected annual rate of 650,000.

"Abundant supply is the key factor driving the relative strength of new home sales," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

"The number of new homes on the market stood at 8.2 months of sales in February, more than triple the 2.5 months in the existing home market, but below the peak of 10.1 in September.

"Homebuilders, facing an uncertain demand outlook and inventory overhang, appear to be slashing prices aggressively to shift this excess supply."

Netflix books big daily gain, Coinbase slides on regulatory concerns

In equities, General Mills rose 2.85% after posting an earnings beat that was well-received by investors.

Streaming giant Netflix had its biggest daily rise of 2023 so far according to data from Dow Jones, with shares increasing 9.01%.

On the downside, Darden Restaurants declined 0.35%, despite the Olive Garden operator raising its full-year revenue outlook and posting an increase in same-store sales.

Elsewhere, Coinbase Global plunged 14.05%, after announcing that it had been notified by the Securities and Exchange Commission (SEC) of its intention to seek regulatory enforcement action.

Reporting by Josh White for Sharecast.com.

Dow Jones - Risers

Intel Corp. (INTC) $29.03 3.20%
Microsoft Corp. (MSFT) $277.66 1.97%
Amgen Inc. (AMGN) $233.10 1.42%
Nike Inc. (NKE) $120.97 1.23%
Visa Inc. (V) $222.59 1.16%
Walt Disney Co. (DIS) $95.83 0.98%
Boeing Co. (BA) $197.90 0.89%
Walmart Inc. (WMT) $140.65 0.81%
Apple Inc. (AAPL) $158.93 0.70%
McDonald's Corp. (MCD) $269.62 0.65%

Dow Jones - Fallers

Travelers Company Inc. (TRV) $163.86 -1.66%
Unitedhealth Group Inc. (UNH) $469.91 -1.18%
Chevron Corp. (CVX) $154.52 -0.99%
International Business Machines Corporation (CDI) (IBM) $123.37 -0.55%
3M Co. (MMM) $101.00 -0.53%
Walgreens Boots Alliance, Inc. (WBA) $32.33 -0.52%
JP Morgan Chase & Co. (JPM) $126.84 -0.27%
Caterpillar Inc. (CAT) $219.44 -0.23%
Coca-Cola Co. (KO) $59.92 -0.22%
Merck & Co. Inc. (MRK) $104.23 -0.16%

S&P 500 - Risers

Netflix Inc. (NFLX) $320.37 9.01%
Accenture Plc (ACN) $271.66 7.26%
Regeneron Pharmaceuticals Inc. (REGN) $802.16 6.77%
Micron Technology Inc. (MU) $61.34 5.45%
Intuit Inc. (INTU) $432.49 4.41%
Take-Two Interactive Software Inc. (TTWO) $117.48 3.45%
Lam Research Corp. (LRCX) $523.59 3.41%
Fortinet Inc. (FTNT) $63.25 3.33%
Applied Materials Inc. (AMAT) $122.78 3.30%
Intel Corp. (INTC) $29.03 3.20%

S&P 500 - Fallers

Zions Bancorporation (ZION) $27.45 -8.86%
Sl Green Realty Corp. (SLG) $19.96 -8.82%
Comerica Inc. (CMA) $40.70 -8.58%
Vornado Realty Trust (VNO) $12.96 -7.43%
Keycorp (KEY) $11.27 -6.47%
Charles Schwab Corp. (SCHW) $52.89 -5.99%
Nektar Therapeutics (NKTR) $0.74 -5.76%
Boston Properties Inc. (BXP) $47.37 -5.17%
Genuine Parts Co. (GPC) $154.63 -5.13%
CIGNA Corp. (CI) $256.58 -5.12%

Nasdaq 100 - Risers

Netflix Inc. (NFLX) $320.37 9.01%
Regeneron Pharmaceuticals Inc. (REGN) $802.16 6.77%
NetEase Inc. Ads (NTES) $90.10 5.79%
Micron Technology Inc. (MU) $61.34 5.45%
Intuit Inc. (INTU) $432.49 4.41%
JD.com, Inc. (JD) $40.07 4.08%
Asml Holdings N.V. (ASML) $664.16 3.72%
Take-Two Interactive Software Inc. (TTWO) $117.48 3.45%
Lam Research Corp. (LRCX) $523.59 3.41%
Applied Materials Inc. (AMAT) $122.78 3.30%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $0.85 -5.63%
Paypal Holdings Inc (PYPL) $72.56 -2.39%
Dollar Tree Inc (DLTR) $135.46 -2.29%
Dish Network Corp. (DISH) $8.84 -2.10%
Marriott International - Class A (MAR) $159.98 -1.98%
Sirius XM Holdings Inc (SIRI) $3.60 -1.90%
American Airlines Group (AAL) $13.63 -1.37%
Expedia Group Inc. (EXPE) $92.65 -1.06%
eBay Inc. (EBAY) $42.45 -0.96%
Ross Stores Inc. (ROST) $101.63 -0.96%

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