Wall St closes higher after the end of the Biden-Xi talks, oil stabilizes

    Home / Business Economy / Wall St closes higher after the end of the Biden-Xi talks, oil stabilizes

Wall St closes higher after the end of the Biden-Xi talks, oil stabilizes


  • Biden urges Xi to leave Moscow for Ukraine
  • FedEx falls on lower than expected quarterly earnings
  • Moderna has asked for FDA clearance for the second recall
  • Rising Indices: Dow 0.8%, S&P 500 1.17%, Nasdaq 2.05%

March 18 (Reuters) – Wall Street’s three major indices closed higher on Friday, with the biggest boost from recently hit tech stocks, after talks between US President Joe Biden and Chinese President Xi Jinping on the Ukrainian crisis. they ended without major surprises.

Investors were also relieved by the slowdown in oil price gains as they continued to digest the Federal Reserve’s interest rate hike on Wednesday and its aggressive plan for further hikes aimed at fighting rising inflation. to know more

US President Joe Biden warned Chinese leader Xi Jinping during an appeal that there would be “consequences” if Beijing provided material support for the Russian invasion of Ukraine, the White House said. Both sides stressed the need for a diplomatic solution to the crisis.

Register now for FREE unlimited access to Reuters.com

While Xi called on NATO nations to hold a dialogue with Moscow, he did not blame Russia for the invasion. to know more

“The reading of the meeting was as expected,” said Art Hogan, chief market strategist at National Securities in New York of the Xi / Biden talks. He said that as Russia / Ukraine talks continued, investors tended to be optimistic.

“As for Russia and Ukraine, the market was more positive on diplomatic news than negative on escalation.”

Hogan also cited calmer oil prices and relief that the Fed’s highly anticipated news was finally out.

“Instead of having fears and trepidation about what the Fed might do, we have a clear roadmap for monetary policy,” he said.

In addition to the less expensive-than-expected Fed shares, Steve Sosnick, Interactive Brokers’ chief strategist in Greenwich, Connecticut, said investors were reassured that U.S. crude prices haven’t been too much above $ 100. Friday after recently exceeding $ 130.

“At least for this week oil has found a level. This is somewhat positive for the market as a rising oil price is overweight in the minds of consumers as an inflationary indicator,” Sosnick said. “Does the market like oil around $ 100? No. But is it happier that it is around $ 100 than increasing $ 20 every day? Of course.”

Investors also watched for the possible impact of Friday’s “triple witching”, in which investors withdraw positions in futures and options before maturity, which can lead to volatility and trading volume.

Maturities appeared to be picking up in volume on Friday as 18.47 billion shares changed hands on US exchanges from the moving average of 14.56 billion over the past 20 sessions.

The Dow Jones Industrial Average (.DJI) rose 274.17 points, or 0.8%, to 34,754.93, the S&P 500 (.SPX) gained 51.45 points, or 1.17%, to 4,463, 12 and the Nasdaq Composite (.IXIC) added 279.06 points, or 2.05%, to 13,893.84.

The three major Wall Street indices boasted the largest weekly percentage gains since the beginning of November 2020 with the S&P up 6.2%, the Dow up 5.5% and the Nasdaq up 8.2% .

Ten of the 11 major sectors of the S&P 500 closed higher, with heavyweight technology (.SPLRCT) and consumer discretionary (.SPLRCD) both closing up 2.2% while communications services (.SPLCRL) were increased by 1.4%.

The only sector down was Utilities (.SPLRCU) which ended the session down 0.9%.

Moderna Inc (MRNA.O) closed up 6.3% after the drug company filed a request with the U.S. Food and Drug Administration to allow a second booster of its COVID-19 vaccine.

Shares of Boeing Co (BA.N) closed 1.4% higher after the aircraft maker was approaching a historic order from Delta Air Lines (DAL.N) for up to 100 of its 737s. MAX 10 jets. to know more

But shares in US delivery company FedEx Corp (FDX.N) tumbled nearly 4% after a weaker-than-expected quarterly earnings report. to know more

Rising issues outpaced falling issues on the NYSE by a ratio of 2.20 to 1; on the Nasdaq, a ratio of 2.19 to 1 favored the advanced.

The S&P 500 made 19 new 52-week highs and 1 new low; the Nasdaq Composite posted 44 new highs and 41 new lows.

Register now for FREE unlimited access to Reuters.com

Reporting by Sinéad Carew, Herbert Lash in New York, Shreyashi Sanyal and Sabahatjahan Contractor in Bengaluru and Sinead Carew in New York; Editing by Sriraj Kalluvila, Leslie Adler and David Gregorio

Our Standards: Thomson Reuters Trust Principles.


Leave a Reply

Your email address will not be published. Required fields are marked *