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Wall Street steadies itself as Alphabet pulls tech stocks higher
Alphabet's 7.1% gain boosted Nasdaq and S&P 500 as a federal judge's ruling eased antitrust concerns and Treasury yields slowed, calming investor fears amid inflation worries.
- On Wednesday, Wall Street steadied as Alphabet and other tech stocks rose, with the S&P 500 gaining 0.5% after a two-day losing streak.
- This rebound followed a federal judge's Tuesday order to restructure Google's search engine, which avoided forcing a sale of its Chrome browser and eased investor concerns.
- Treasury yields slowed their rise on Wednesday after climbing globally due to worries about governments' debt and inflation risks linked to political pressures on the Federal Reserve.
- Alphabet shares jumped nearly 9%, Apple rose 2.6%, and gold extended its rally, reaching $3,570 an ounce, while the Nasdaq 100 rose 0.9% midday in New York.
- The market stabilization suggests investors responded positively to the antitrust ruling and easing bond yields, though global economic uncertainties and cooling labor data remain a concern.
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Cost of borrowing for US and UK eases following Tuesday’s turmoil
US stocks advanced yesterday, ending a two-day losing streak as tech mega-caps recovered thanks to a court victory for Alphabet, the parent company of Google, and for Apple. Equities also gained, as a drop in US job openings supported expectations for an interest-rate cut, pushing Treasury yields down.
On Wall Street, the broad S&P 500 and the Nasdaq tech exchange closed higher, boosted by Google parent Alphabet, which made a huge splash after a favorable ruling from a U.S. court. Earlier in the day, the AEX closed 0.5 percent higher at 888.3 points. Shell is losing ground after falling oil prices, just as oil stocks elsewhere suffered losses.
Wall Street steadies with a boost from Alphabet
Wall Street is steadying on Wednesday as Alphabet and other technology stocks rise. The S&P 500 added 0.3% and was on track to break its two-day losing streak since setting its latest all-time high. The Dow Jones Industrial Average was down 179 points, or 0.4%, as of 12:32 p.m. ET, and the Nasdaq composite was 0.9% higher. Google’s parent company was one of the strongest forces lifting the market and climbed 8.7% after avoiding some of the worst…
Alphabet, Apple Lead Tech Rebound As Gold Surges - Apple (NASDAQ:AAPL)
Wall Street staged a tentative rebound on Wednesday after two straight sessions of heavy tech losses, as rallies in Alphabet Inc. (NASDAQ:AAPL) and Apple Inc. (NASDAQ:AAPL) helped restore confidence in the sector. The Nasdaq 100 climbed nearly 1% by midday in New York, while the S&P 500 added 0.4%. Shares of Alphabet jumped nearly 9% after a U.S. court issued long-awaited remedies in the DOJ antitrust case, which proved less severe than investor…
Alphabet's share price jumped the most yesterday, more than 9 percent, after the court ruled that the tech giant should not be split up.
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