All major stock indexes on Wall Street rose sharply at the open on Tuesday afternoon, Norway time. The optimism only got stronger, and when the trade closed it looked like this:
- The broad S&P 500 index rose 2.45 percent.
- The Dow Jones Industrial Average rose 2.15 percent.
- The Nasdaq Technology Index rose 2.5 percent.
The markets are still characterized by big and open questions. How much should the interest rate go up? Will inflation fall without stagnation? Was the bottom reached?
John Stoltzfuss of management giant Oppenheimer thinks things will go well.
We may find a stagnation, close to an end, but not completely. That’s because we believe the central bank is becoming more aware of how its actions are affecting the economy, both in terms of employment and in terms of stability, says Bloomberg News’ chief market analyst.
Stoltzfus continues:
We’re not out of the woods yet, but we think we’re heading in the right direction.
terrible week
Tuesday’s bullish recovery comes after a terrible week in which the Dow fell nearly five percent and fell below 30,000 points for the first time since January 2021. The Nasdaq fell 4.8 percent last week, down 33 percent from an all-time high . The Dow Jones, S&P 500 and Nasdaq are down in ten of the past eleven weeks, according to TDN Direkt.
Last week was the worst stock market week since March 2020, when the corona first hit full force. At least if one were to use the S&P 500 index as a benchmark.
It was the first trading day of the week in the United States, after stock exchanges were closed Monday for the celebration of Juneteenth, which marks the emancipation of slaves in the United States.
All the big stairs
The vast majority of stock market locomotives are rising in the stock market, and electric car and battery company Tesla is among the companies that are rising the most. Tesla shares rose more than nine percent after CEO Elon Musk announced that the company’s salary costs would fall by ten percent, and that 3.5 percent of the company’s employees would be laid off. Two former employees have all sued the company for illegal mass layoffs.
But even old energy stocks, revealed until recently, did well on Tuesday, with shares of giants such as ExxonMobil and Chevron up 6.2 percent and 4.2 percent, respectively.
The price of Bitcoin also rose to nearly $21,000, after falling below $20,000 this weekend.
The price of oil is up today, and a barrel of North Sea oil is now trading at $114.5 a barrel.
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