May 16, 2022

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Wall Street rallies for the second day after the shock of Ukraine

Wall Street rallies for the second day after the shock of Ukraine

Flags are seen outside the New York Stock Exchange (NYSE) in New York City, as markets falter after Russia continues to attack Ukraine, in New York, US, February 24, 2022. REUTERS/Caitlin Ochs

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  • Healthcare and Finance are among the biggest sectoral gainers in the S&P 500
  • Etsy rises with highest estimates for fourth-quarter results
  • Indexes up: Dow 2.1%, S&P 1.66%, Nasdaq 0.76%

Feb 25 (Reuters) – Wall Street’s main indexes rose for a second straight session on Friday as investors looked for deals at the end of a volatile week sparked by Russia’s invasion of Ukraine, and sentiment was also boosted by Moscow’s willingness to hold talks.

Global stocks rebounded, while oil prices fell below $100 a barrel and safe-haven gold slipped from an 18-month high after Western sanctions on Russia targeted its banks, but left its energy sector largely intact.

BEIJING (Reuters) – Russian President Vladimir Putin told his Chinese counterpart Xi Jinping in a call that Russia is ready to hold high-level talks with Ukraine, China’s Foreign Ministry said. Read more

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That news came as missiles bombed Kiev, and the Ukrainian capital prepared for an attack as Russian forces approached. read more

All 11 major S&P sectors were higher, with healthcare (.SPXHC)Financial issues (.SPSY)Consumer Goods (.SPLRCS) It leads the gains up close to 3%.

“We’re kind of in this wait-and-see period on inflation and on the Ukraine-Russia front. Until we get some clarity on that, the market is likely to be a little more vulnerable to every major headline out there,” said Brent Schott, chief investment strategist at Northwestern Mutual Wealth Management. .

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“So the headline now is Russia is ready to talk, if the headline changes later in the day, I think, it could see a selloff.”

Lighter-than-expected sanctions helped cool risk-off sentiment on Thursday, with Wall Street rebounding again on a late-session rally, led by a 3% gain in the Nasdaq. (nineteenth).

S&P 500 . Standard (.SPX) The tech-heavy Nasdaq is now tracking small weekly gains.

“Yesterday, the market recognized that prices had reached the point where valuations looked attractive enough,” said David Sekera, senior US market analyst at Morningstar.

“With the situation in Ukraine, some kind of development and the sanctions are not as bad as people fear, we are starting to see this rise here in the short term.”

sectors such as information technology (.SPLRCT) and consumer appreciation (.SPLRCD)which includes some giant companies, underperformed after the sharp rise in the previous session.

At 13:10 p.m. ET, the Dow Jones Industrial Average (.DJI) Up 698.35 points, or 2.10%, to 33,922.18 points, and the Standard & Poor’s 500 (.SPX) The index rose 71.22 points, or 1.66%, to 4,359.92 points, and the Nasdaq Composite Index (nineteenth) Up 102.50 points, or 0.76%, to 13,576.09.

Johnson & Johnson (JNJ.N) It rose 4.6% after a US judge ruled that the drug company’s subsidiary could remain in bankruptcy, preventing plaintiffs from filing 38,000 lawsuits against the company alleging that baby powder and other talc products cause cancer. Read more

etsy company (ETSY.O) It jumped 15.4% after the online crafts retailer beat estimates for its fourth-quarter results, boosted by strong holiday demand for gifts and other products in its online marketplace.

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Advance issues outnumbered losers by 3.32 to 1 on the New York Stock Exchange and by 1.85 to 1 on the Nasdaq.

The S&P 11 hit a new 52-week high and no new lows, while the Nasdaq hit 30 new highs and 53 new lows.

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Additional reporting by Devik Jain and Bansari Mayur Kamdar in Bengaluru; Editing by Anil de Silva and Sriraj Kalovella

Our criteria: Thomson Reuters Trust Principles.