New York, Feb. 7 (BUS): Stocks rose on Wall Street Monday afternoon as investors braced for another busy week of corporate earnings, reports the Associated Press.
The S&P 500 was up 0.3% as of 3:04 PM ET after getting rid of the midday slump. The Dow Jones Industrial Average rose 179 points, or 0.5 percent, to 35,269 and the Nasdaq rose 0.3 percent. Small-cap stocks outnumbered the broader market. The Russell 2000 index rose 1.2%.
Energy and financial companies made solid gains. Chevron shares rose 2.3 percent, and Allstate Inc rose 2.5 percent.
Retailers, travel-related businesses and others who rely on direct consumer spending also gained. gains. Amazon shares rose 1.2 percent and Carnival 8.3 percent.
Losses from several large technology and telecoms companies offset gains elsewhere in the market. Facebook’s parent company Meta fell 4.8 percent and Google’s parent company Alphabet fell 1.9 percent. Microsoft shares fell 0.7 percent.
The yield on the 10-year Treasury fell to 1.92% from 1.93% late Friday. Mark Hackett, head of investment research at Nationwide, said Wall Street is giving up two weeks of gains after a January stumble that was in part a “stress relief valve”.
Investors are still measuring the impact of rising inflation on businesses and consumers while remaining cautious about the Federal Reserve’s plan to fight inflation. Investors will get another major update on inflation on Thursday with the Labor Department’s report on consumer prices for January.
The Fed plans to raise interest rates to fight inflation. Investors are anticipating the first hikes in March and are concerned about the pace and quantity of price increases in 2022.
Investors have another busy week reviewing the latest corporate report cards. Meat producer Tyson Foods rose 11.6% after reporting strong results.
Several major companies are on board this week to report their results, including Pfizer on Tuesday and Walt Disney on Wednesday. Twitter and Coca-Cola will report on Thursday.
Stocks have been volatile this year for Peloton, particularly after reports in January that it was temporarily halting production of its related fitness products amid waning consumer demand.
Activist investor Blackwells Capital asked the company to fire CEO John Foley and consider selling the company a few days after those reports.
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