Stock market: Wall Street ends a nightmare week with a strong uptrend

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MARKET OVERVIEW. The New York Stock Exchange closed sharply higher on Friday after a technical recovery after a nightmare week as investors doubted the worst was over. The Toronto Stock Exchange closed more than 400 points higher, helped by a broad rally

Consult market news (again).

Stock market indices at close of trading

In Toronto, the S&P/TSX rose by 400.76 points (+2.03%) to 20,099.81 points.

In New York, the S&P500 rose by 93.81 points (+2.39%) to 4,023.89 points.

that Nasdaq rose by 434.04 points (+3.82%) to 11,805.00 points.

that DOW rose by 466.36 points (+1.47%) to 32,196.66 points.

that loons up $0.0074 (+0.9649%) to $0.7738.

that oil rose $4.20 (+3.96%) to $110.33.

gold declined $16.30 (-0.89%) to $1,808.30.

that Bitcoin rose by $1,337.95 (+4.68%) to $29,906.85.

the context

For analysts at Wells Fargo, Wall Street offered “a pause in the form of a rise” after five consecutive negative sessions in the Dow Jones and another dip in the Nasdaq. A technical rebound, in their opinion, as multiple technical thresholds were breached on the downside.

“We needed it, but it may not be very significant yet,” commented Gregori Volokhine, President of Meeschaert Financiel Services. “It would take several ramping sessions to say the worst is behind us and honestly that would surprise me.”

“It should also be noted that the rebound isn’t on any messages,” he noted, but “a bit in a vacuum.”

For the week, the Dow Jones remains down 2.13% while the Nasdaq falls 2.79%.

Sentiment was boisterous on Friday and the VIX index, which measures market volatility, fell to its lowest level in a week.

With the sunbeam flooding Wall Street, the ratings pariahs were at the party after serving as the market’s whipping boy for days or weeks.

Roblox (RBLX) (+15.36%), Rivian (RIVN) (+9.88%), Snap (SNAP) (+8.70%), Netflix (NFLX) (+7.65%) or AMD (+9.26%) wanted.

In this bargain-hunting climate, even the heavyweights of the ranking jumped to first place Apple (AAPL) (+3.19% to $US147.11), which hit its lowest level in eight months the previous day.

Even the Game Stop (GME) (+9.85%), Train (PTON) (+16.52%) or Shopify (SHOP) (+13.85%) benefited from the so-called

“Among the greatest achievements we find the + same stocks + (promotions “viral” like GameStop) and the promotions of poor quality,” emphasized Gregori Volokhine. “That means there are quite a few covers from +shorts+ and it’s not enough to signal a real upswing just yet.”

Therefore, in addition to the cheap buying, the session is fueled by the hedging operations of speculative operators who, after betting on the fall of stocks or indices (or “shorts”) for the past few weeks, have taken the bet.

The “tech” was also supported by some good results, in particular those of the specialist for credit payments in e-commerce Confirm (AFRM) (+31.43% to $US23.71), whose quarterly revenue was higher than expected and loss lower than expected.

As with shared office specialists WeWork (WE) (+20.07% to $6.76) it trimmed its first-quarter loss, and analysts at Piper Sandler estimated in a note that the group was nearing profitability.

Another launch, that of the online brokerage platform Robinhood (HOOD) (+24.88% to $10.69), which benefited from the announcement of a 7.6% stake in blockchain entrepreneur Sam Bankman-Fried.

Friday also marked a new episode in the saga Twitter (TWTR), whose takeover has been “temporarily” suspended by Elon Musk. The entrepreneur says he wants to verify that fake accounts make up less than 5% of the total, as claimed by the Blue Bird group.

After dipping into pre-opened Wall Street electronic trading, the stock recovered somewhat but still ended up 9.67% at $40.72, helped by a new tweet from Elon Musk: “still on this acquisition Committed”.

Twitter is now worth 25% less than the price offered by Elon Musk, a testament to many investors’ doubts about the success of the operation.

Through the action of communicating vessels, the action becomes Tesla (TSLA), which is headed by Elon Musk, offered a rebound (+5.71% to $769.59). The stock had lost more than 23% over the past six sessions.


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