US stocks: Wall Street ends higher – Times of India

NEW YORK: Wall Street ended higher on Wednesday, rallied in gains NVIDIA and other tech stocks, while Gap and nordstrom Shares fall after weak quarterly report
Nordstrom fell 29% and Gap 24% after the two retailers reported weak quarterly results and warned of supply chain problems ahead of the crucial US holiday shopping season.
Nvidia climbed 2.9% earlier this week when Big Tech shares bounced back from a sell-off. The graphics chipmaker is now up about 150% in 2021.
The S&P 500 spent most of the session near the flat and climbed just before the close.
The S&P 500 Consumer Discretionary Sector Index rose 0.2% after data on higher-than-expected US consumer spending growth in October.
The so-called core PCE price index, the Federal Reserve’s preferred inflation measure, also edged up in October.
Various Federal Reserve policy makers said they are open to ending their bond-buying program and will move more quickly to raise interest rates if there is high inflation, according to minutes from the last US central bank policy meeting. is shown in.
Other data showed weekly jobless claims declined and third-quarter GDP was revised higher, while consumer sentiment improved in November, a University of Michigan survey showed.
Coronavirus infections broke records in parts of Europe on Wednesday, with investors worried the continent was again the epicenter of a pandemic that has imposed new restrictions on movement.
So far this week, the Nasdaq is down about 1.3%, with investors worrying that higher interest rates could hurt valuations of tech and other growth stocks.
“Equities are under pressure from a combination of rising interest rates, more cautious news on the earnings front, and also from COVID developments in Europe,” it said. Greg Basuki, chief executive at AXS Investments in Port Chester, New York.
The US stock market will be closed on Thursday for the Thanksgiving holiday, and will have a short session on Friday.
Real estate led among 11 S&P 500 sector indexes, up 1.3% for most of the session.
The Dow Jones Industrial Average fell 0.03% to end at 35,804.38, while the S&P 500 rose 0.23% to 4,701.46.
The Nasdaq Composite climbed 0.44% to end at 15,845.23.
Volume on US exchanges was 8.9 billion shares, which is lighter than the 11 billion average over the past 20 trading days.
Tesla Inc. increased to 0.6%. In his latest of several recent stock sales, CEO Elon Musk Sold 934,091 shares of the electric vehicle maker for $1.05 billion after exercising options to buy 2.15 million shares.
PC makers HP Inc and Dell Technologies jumped 10% and 4.8%, respectively, after reporting more than four-fold jump in quarterly profits amid rising demand for personal computers.
Advancing issues declining the 1.15-to-1 ratio on the NYSE; On the Nasdaq, a 1.47-to-1 ratio favored advances.
The S&P 500 posted 27 new 52-week highs and 4 new lows; The Nasdaq Composite posted 55 new highs and 234 new lows.