Wall St. caps tumultuous week with the best day of the 2022 amid bargain hunting
by SOURAV D | VIEW 966
On Friday, a swath of major stock indices in the Wall St. have rounded off the week with steep gains as Nasdaq leads the tally with a torrential high-tide of 3.13 per cent, while S&P 500 climbed just a notch shy of 2.5 per cent as all three key indices of Wall Street have notched their strongest intra-session gain in 2022 so far, winding up a frantic week emblemed with growing geopolitical angsts, mixed earnings’ reports alongside an ultra-hawkish Federal Reserve. In the day’s sweeping upward spiral in major Wall Street stock indices has been entirely galvanized by a havoc-scale bargain hunting as traders appear to have jumped on the bandwagon of a buy-the-dip frenzy following week-long downturns. However, all three key indices of Wall Street opened up the day in red inks, but as the day progresses, the indices turn increasingly green with tech shares leading the tally of gains as beforementioned. Shares of Apple Inc have led the uprising in mega-cap tech stocks followed by record holiday-quarter sales, while cross-border transaction mogul Visa Inc jumps after quarterly report had revealed an increased appetite for travels and a sharp rise in e-commerce spending during holiday quarter.
Wall St. rises across the board after frantic week
Citing statistics, in the day’s Wall St. closing bell, trade-sensitive Dow jumped 1.65 per cent to 34,725.47 and Wall Street bellwether S&P 500 surged 2.43 per cent, while tech-heavy Nasdaq snowballed as much as 3.13 per cent to 13,770.57.
In the week, Dow added 1.92 per cent, S&P 500 rose 1.73 per cent and Nasdaq soared 2.14 per cent. Meanwhile, addressing to the session’s buy-the-dip moves from a raft of market participants, a partner at Cherry Lane Investments, a family Investment office in New Vernon, New Jersey, Rick Meckler said, “Investors are trying to adjust to the impact of this higher rate cycle.
For some of them, stocks still remain more attractive than bonds in a rising rate environment, and they have been fishing around for where a bottom might be. You're seeing bargain-hunting in a number of stocks, particularly in the Nasdaq”.