New York Stock Exchange: Dow closes 56.22 points higher | RYT9

The New York Dow Jones Stock Exchange closed higher on Tuesday (November 15) after the US released a lower than expected Producer Price Index (PPI). This has fueled expectations that the Federal Reserve (Fed) will slow down its interest rate hike, but the market has been pressured by concerns about geopolitical tensions. After reports that a Russian missile had been shot down in Poland

The Dow Jones Industrial Average closed at 33,592.92 points, up 56.22 points, or +0.17%, the S&P 500 closed at 3,991.73 points, up 34.48 points, or +0.87%, and the Nasdaq Index closed at 141,358 up. of 162.19 points, or +1.45%.

New York stocks rose after the US PPI, which measures inflation on producer spending, rose 8% in October year on year. That was below analysts’ expectations of 8.3 per cent and slowing from 8.4 per cent in September. Core PPI, which excludes food and energy, rose 5.4 per cent year on year. slowing by 5.6% in September.

Slowing inflation prompted investors to cut their interest rate forecasts at the Fed’s December meeting. According to CME Group’s FedWatch Tool, investors were weighing 80.6% that the Fed will raise interest rates by 0.50% at its December 13-14 meeting, and 19.4% that the Fed will raise rates by 0.75%.

The market was also supported by better-than-expected results from major retailers Wal-Mart and Home Depot, with Walmart reporting third-quarter earnings per share of $1.50, beating analysts’ estimates of $1.32. a share of $4.24, above analysts’ expectations of $4.12.

The strong performance boosted the stock prices of Walmart and Home Depot and also boosted other retailers, with Walmart shares up 6.62% Home Depot shares were up 6.62% The stock rose 1.63%, Target shares rose 3.31%, Lowe’s rose 2.03% , Best Buy rose 1.80%.

Tech stocks bucked the prospect of a Fed slowdown in interest rates, with meta shares soaring 2.50%, Alphabet stocks gaining 2.86%, Apple stocks gaining 1.19% and Tesla stocks gaining 1.82%.

Shares of Chinese internet and retail companies listed on the US stock market soared on the report. China’s online retail sales rose more than 15 percent in October and online retail sales in the first 10 months of the year rose 7.2 percent, with Alibaba Group Holdings shares gaining 11.17 percent. NetEase rose 9.75%, rose Baidu shares 9.02%, Pinduoduo rose 8.53 %.

However, the trading atmosphere was under pressure during the day. After the news agency AP reported citing the disclosure of the US intelligence agencies that a Russian missile has been shot down in a village in eastern Poland bordering Ukraine. resulting in two deaths

Steve Sosnick, an analyst at Interactive said broker “The New York Stock Exchange turned positive after reports that a Russian rocket was shot down on Polish territory. Such a move could worsen the situation, however, for now the market is concerned. Not even panic yet.”

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