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New York stocks rose all at once on expectations of negotiations between Russia and Ukraine and the effect of lower oil prices.
At the New York Stock Exchange (NYSE) on the 28th (local time), the Dow Jones Industrial Average jumped 94.65 points (0.27%) from the previous trading day to 34,955.89, and the Standard & Poor’s (S&P) 500 Index rose 32.46 points (0.71%) from the previous trading day. At 4575.52, the tech-focused Nasdaq index rose 185.60 points, or 1.31%, to close at 14,354.90.
The New York Stock Exchange was up for the second week in a row until last week, and it continued its uptrend today.
It was reported later that afternoon that Russia would no longer ask Ukraine to be ‘denazified’. As the 5th peace talks between Russia and Ukraine are held in Turkey on the 29th, expectations for a negotiation have increased.
Investors are keeping an eye on the US Department of Labor’s March employment report, which will be released later this week. Non-farm payrolls rose 678,000 last month. Analysts expect that employment in March will increase by 460,000, slower than before.
Oil prices fell about 7% on the day, somewhat easing inflation concerns.
There are concerns that the demand for crude oil may decrease as Shanghai, China, enters a circular lockdown by dividing the entire city in half from the 28th to prevent the spread of Corona 19. The global economy may show a slowdown.
Real estate, tech and health stocks rose in the S&P 500. Energy and financial stocks fell.
Tech stocks were on the rise. Tesla rose more than 8% on the news that it was pursuing a stock split for a stock dividend, and it rose about 0.5% on news that Apple had informed its suppliers that it would cut iPhone SE production next quarter by 20% from its original plan.
According to the Chicago Mercantile Exchange’s FedWatch report, there is a 71.1% chance that the Fed will raise the key interest rate by 50 basis points at its May meeting in the Federal Funds (FF) interest rate futures market. At the June meeting, the probability of an interest rate hike of 50bp or more exceeded 80%.
The Chicago Options Exchange Volatility Index recorded 19.63, down 1.18 points (5.67%) from the previous trading day.
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