NEW YORK, Feb 24 — Wall Street ended a topsy-turvy yesterday in positive territory, with the S&P 500 snapping a four-session losing streak, as investors grappled with how...
NEW YORK, Feb 24 — Wall Street ended a topsy-turvy yesterday in positive territory, with the S&P 500 snapping a four-session losing streak, as investors grappled with how interest rate policy might affect the US economy.
A separate report confirmed the economy grew solidly in the fourth quarter, though rising inventory levels were responsible for much of the increase. “There are so many cross currents that are moving in very different directions, I think it’s very difficult to fall back on one or two things. That’s creating a lot of hand-wringing uncertainty, and we’re range-trading as a result of it.”
Helping provide confidence to buyers, Nvidia CorpNVDA.O posted positive earnings and surged 14 per cent after forecasting quarterly sales above estimates and reporting a surge in the use of its chips to power artificial intelligence services. Seven of the 11 major S&P 500 sectors rose. Higher crude prices pushed energy .SPNYup 1.3 per cent, and the index halted a losing run at seven. This tied its biggest stretch of declines since an eight-session skid in March 2017.
Moderna Inc fell 6.7 per cent, to its lower close since November 3, after the vaccine maker reaffirmed its annual sales forecast of US$5 billion for its Covid-19 vaccines despite its fourth-quarter sales exceeding estimates.
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