Wall Street closes in the green with strong increases in technology stocks international

Wall Street closed in the green on Tuesday and the Nasdaq, one of its main indexes, rose. It rose 1.54% on a day marked by February inflation data in the US and a strong rally in the technology sector.

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At the end of the session on the New York Stock Exchange. The Nasdaq Technology Index had the largest growth of 1.54%, to 16,265 points, with several companies in the industry leading the increases.

The Dow Jones Industrial Average rose 0.61% to 39,005 points, and the Standard & Poor's 500 Selective Index rose 1.12% to 5,175 points.

(See: Oil closed slightly lower, influenced by the US inflation number.)

The US Consumer Price Index (CPI) rose to 3.2% in February year-on-year, while it rose 0.4% compared to the previous month, which is higher than analysts expected and well above the 2% target set by the Federal Reserve. (Fed her).

Most of the increase, 60%, was due to increases in housing and gasoline prices, and the energy price index grew 2.3% compared to January, while food prices remained virtually unchanged, according to the Bureau of Labor Statistics (BLS). .

Markets greeted inflation data cautiously at their open, but midway through the session, the S&P 500 and the tech-heavy Nasdaq returned to positive numbers.

“What is clear is that inflation data like those released in January and February will not allow the Fed to cut interest rates quickly.”Robert Frick, an analyst at Marine Federal Credit Union, said in a statement:

In the opinion of Ben Laidler, global market strategist at investment and trading platform eToro, markets have already incorporated inflation data into their calculations and the question now is whether the Fed meets next week, whether they will maintain their hopes that the first interest rate cut will arrive in June.

“The turning points for inflation have already risen, and investors are anticipating the rotation that will occur as we get closer to lowering interest rates.” Laidler noted.

By sector, gains dominated, with technology (2.54%) far above others, ahead of communications (1.17%); Among the losers, it is worth noting public services (-0.99%).

Among the 30 companies listed in the Dow Jones Index, companies in the technology sector such as 3M (4.97%), IBM (3.16%), and Microsoft (2.66%) also stood out; Among the losers, the case of Boeing (-4.29%) stood out, after it was learned that United had stopped purchasing several of its Max 10 models.

Outside the Dow Jones index and in the technology sector, NVIDIA shares rose by 7.16%, Oracle shares rose by 11.75%, and Meta grew by 3.3%.

In addition, Texas oil fell to $77.56 per barrel, at the close of the stock market gold fell to $2162 per ounce, and the dollar remained unchanged against the euro (1.0925).

Evie