December 1, 2022

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The Dow rose 400 points as Wall Street added higher last week

The Dow rose 400 points as Wall Street added higher last week

US stocks rose as traders tried to add to the sharp gains seen in the past week and weigh the recent price moves.

The Dow Jones Industrial Average rose 442 points, or 1.1%. S&P 500 futures rose 1.1%, while the Nasdaq rose 0.3%.

The 10-year Treasury yield on Monday continued its decline from a 14-year high and was last yielded 4.225%. At one point on Friday, the rate topped 4.33% before the Wall Street Journal reported that some Fed officials were concerned about raising rates too much.

The moves come after another volatile week for stocks as the third-quarter earnings season heated up. The major averages posted their biggest weekly gain since June, with the Dow Jones advancing 4.9%. The S&P 500 and Nasdaq rose 4.7% and 5.2%, respectively.

Much of those gains came on Friday, when the Dow rose more than 700 points, while the Standard & Poor’s 500 and Nasdaq both rose about 2.3%.

Investors will be watching profits from tech giants like appleAnd the the alphabetAnd the Amazon And the Microsoft this week. Wall Street will also be watching for more inflation data, as the October manufacturing and services PMI comes out on Monday.

“The S&P 500+ is up 4.7% on the week, with the energy/materials, technology and defense sectors outperforming in a reversal of the broad trend since early August,” analyst Raymond James Tavis McCourt said in a note on Sunday. “Whether the rally was sustainable, or to what degree, is unknown, but the reasons appear to be the EPS revisions, which look better than feared thus far (eg 2Q), along with the expectation that the Fed cycle will be front-loading On the verge of completion by early 2023.”

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So far, earnings reports have had mixed results for stocks. Shares of Goldman Sachs and JPMorgan Chase rose more than 4% after the results were announced. But not all results were solid – Snap slipped 28% after reporting a profit loss.