- Best Buy up sees smaller year-over-year sales decline
- Dollar Tree falls on lower FY profit forecast
- There is an increase in the sales report of “Manchester United”.
- Dow rose 1.18%, S&P 500 rose 1.36%, Nasdaq rose 1.36%
NEW YORK, Nov 22 (Reuters) – U.S. stocks rose on Tuesday, with the S&P 500 closing at a 2-1/2-month high, as a sales forecast by Best Buy eased concerns that high inflation would lead to dismal holiday shopping. A jump in oil prices during the season helped boost energy shares.
Best Buy Co Inc (BBY.N) It rose 12.78% to become the best performing stock in the S&P 500 (.SPX) index, after retail forecast a smaller decline in annual sales than previously announced and confidence that increased deals and discounts will attract more customers.
Gains at Best Buy helped boost S&P 500 retail sales (.SPXRT) index 1.21%.
“If you take the income and consumer resilience out there, the top half of that is relatively inelastic, the bottom half is going to be more sensitive, some costs going up to one degree or another,” said chief trade strategist Shawn Cruz. at TD Ameritrade in Chicago.
“So the Dollar Trees of the world don’t really have the ability to pass on those costs, so they’re going to be hit pretty hard.”
Dow Jones Industrial Average (.DJI) The S&P 500 rose 397.82 points, or 1.18%, to 34,098.1 (.SPX) Up 53.64 points or 1.36% to 4,003.58 points and the Nasdaq Composite (.IXIC) It rose 149.90 points or 1.36% to 11,174.41.
The S&P 500 closed at its highest level since September. 12.
Also supported was the energy sector, which rose 3.18% after two sessions of declines as Saudi Arabia’s OPEC+ said OPEC+ was tapering. sticking with The output cut sent crude prices sharply lower, hitting a report on Monday that said the alliance was considering raising production.
As investors continue to test and gauge the Federal Reserve’s rate hike path, Cleveland Fed President Loretta Mester he repeated Tuesday’s inflation cut remains critical for the central bank a day later supporting a smaller rate hike in December. President of Kansas City Esther George He said the central bank may need to raise interest rates higher and keep them there longer to soften consumer demand and cool inflation.
Investors in St. Louis Fed President James Bullard on Tuesday ahead of minutes of the Fed’s scheduled November meeting on Wednesday.
Volume was light for the session, and the U.S. stock market will be open for a half-session on Friday, heading into Thursday’s Thanksgiving holiday.
US stocks traded 9.45 billion shares over the past 20 trading days, compared to an average of 11.75 billion shares for the full session.
Dow component Walgreens Boots Alliance Inc (WBA.O) Cowen & Co rose 2.96% after it upgraded the drug distributor’s stock, citing a boost in its health care business.
Manchester United (MANU.N) Shares rose in late session after Sky News informed The Glazer family, which owns the football club, was exploring financing options that could include a public sale and closed 14.66% higher.
Agilent Technologies Inc (AN) The application-focused solutions company rose 8.08% after posting strong fourth-quarter revenue.
reductions in dollars and US Treasury yields also helped support risk appetite.
Advancers outnumbered decliners on the NYSE by a ratio of 3.40 to 1; A 1.56-to-1 ratio on the Nasdaq favored the advancers.
The S&P 500 recorded 24 new 52-week highs and 3 new lows; The Nasdaq Composite recorded 108 new highs and 224 new lows.
Reporting by Chuck Mikolajczak; Edited by Grant McCool
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