Sharecast News
22 Jul, 2021 01:14

US close: Stocks continue to rebound following Monday's sell-off

New York Stock Exchange, NYSE, markets, Wall Street, US. Photo: Grant Wickes

Wall Street stocks closed higher on Wednesday after major indices bounced back from an early week rout in the previous session.

At the close, the Dow Jones Industrial Average was up 0.83% at 34,798.00, while the S&P 500 was 0.82% firmer at 4,358.69 and the Nasdaq Composite saw out the session 0.92% stronger at 14,631.95.

The Dow closed 286.01 points higher on Wednesday, extending gains registered by the blue-chip index a day earlier.

Energy stocks were in focus on Wednesday as oil prices looked set to continue to bounce back from having dropped below $70 a barrel earlier in the week, as was the yield on the benchmark 10-year Treasury note, which moved up around five basis points to 1.26% after having dropped to a new five-month low on Monday.

In the corporate space, Coca-Cola raised its full-year revenue guidance amid a rebound in demand thanks to the reopening US economy, while drugmaker Johnson & Johnson beat earnings estimates and said it now expects to see $2.5bn in global sales from its Covid-19 vaccine in 2021.

Elsewhere, Verizon reported a record second-quarter performance, with earnings per share of $1.40 and operating revenues of $33.8bn, and upwardly revised its full-year guidance, while Seagate also posted a quarterly earnings beat and revenues that topped forecasts.

Netflix shares were in the red after the streaming giant issued a disappointing forecast for full-year subscriber growth, while Chipotle stock was in the green after revealing quarterly revenues had surpassed pre-Covid levels.

On the macro front, mortgage applications declined 4.0% week-on-week in the seven days ended 16 July, according to the Mortgage Bankers Association, reflecting a 2.8% drop in applications to refinance existing loans and a 6.4% decrease in purchase applications to their lowest level since May 2020.

The decline also came as the average contract interest rate for traditional 30-year mortgages increased to 3.11% from 3.09%.


News Source: © 2021 Web Financial Group (UK) Limited. All rights reserved and terms of use apply.

Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

 

Important Legal Notice about News Sources

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.