Wall Street rises at open after long weekend, Companies news

June 21 (Reuters) – The New York Stock Exchange opened higher on Tuesday after a three-day weekend, rebounding after a week marked by recession fears fueled by interest rate hikes. interest of several major central banks.

In early trading, the Dow Jones index gained 454.33 points, or 1.52%, to 30,343.11 points and the broader Standard & Poor’s 500 rose 2.044% to 3,749.96 points.

The Nasdaq Composite took 2.32%, or 250.665 points, to 11,049.015.

Last week, the S&P-500 suffered its biggest weekly decline since March 2020 following the largest rate hike by the US Federal Reserve (Fed) in nearly three decades.

The Fed raised its main interest rate by three-quarters of a point last Wednesday in an attempt to regain control of inflation and announced that it expects the economy to slow down and unemployment to rise in the coming months. come.

The Swiss National Bank and the Bank of England also raised their rates last week.

The first test of investors’ renewed interest in risky assets will be the publication at 2:00 p.m. GMT of the monthly home resale figures in the United States, the real estate market being one of the most directly threatened by the rise in rates.

But the main meeting of the week will be the hearing in Congress of Jerome Powell, the chairman of the Fed, on Wednesday.

On the value side, new technology giants like Apple, Microsoft, Alphabet and Amazon are gaining between 2% and 3.4%.

Kellogg advances 4.14% after announcing its split into three independent companies while airline Spirit Airlines rises 5.73% following JetBlue’s improved takeover bid to $33.50 a share .

(Written by Valentine Baldassari, edited by Laetitia Volga and Kate Entringer)

Leave a Comment