[New York Close] Tech Stocks Lead Two-Day Rally... Meta Rebounds After 5 Days

[Photo by AP Yonhap News]

[Asia Economy Reporter Park Byung-hee] The New York stock market rose for the second consecutive day, driven by strong performance in technology stocks. The Nasdaq index led the bullish trend, rising more than 2%.

On the 9th (local time), the Dow Jones Industrial Average closed at 35,768.06, up 0.86% from the previous trading day. The S&P 500 index rose 1.45% to 4,587.18, and the Nasdaq index surged 2.08% to close at 14,490.37.

Among the top market cap stocks, Apple (0.83%) and Microsoft (2.18%) continued their upward momentum, while Meta rebounded after five trading days. Meta's stock price, which had plunged 31.8% over the past four trading days, rose 5.37%.

Investor anxiety ahead of the U.S. Labor Department's January Consumer Price Index (CPI) announcement on the 10th eased as bond sell-offs subsided, providing support to the stock market. The 10-year U.S. Treasury yield, which had risen intraday to 1.97%, nearly breaking the 2% mark, fell to 1.93%. During the session, it even dropped to 1.90%.

Wall Street analysts expect the January CPI to record 7.3%, higher than December's 7.0%. However, Raphael Bostic, President of the Federal Reserve Bank of Atlanta, said in an interview that inflation could soon turn downward.

As seen in Meta's stock rebound, Wall Street analysts analyzed that bargain hunting inflows have led the New York stock market to show a recovery trend since February. The S&P 500 index plunged 5.26% in January due to concerns over the Ukraine crisis but reversed to a 1.59% rise in February.

Bloomberg analyzed that strong corporate earnings have eased investor anxiety. So far, 317 S&P 500 companies have reported earnings, with 76% of them posting net profits exceeding expectations, Bloomberg explained. It also added that the net profit scale is about 6% higher than anticipated.

Chipotle's stock surged 10.2% after reporting quarterly net profits exceeding expectations. Lyft also jumped 6.8% after announcing better-than-expected earnings.

On the other hand, CVS Health reported quarterly net profits and sales exceeding expectations, but its stock price fell 5.5%.

Yum Brands, the parent company of KFC and Pizza Hut, rose 2.2% thanks to better-than-expected sales.

This content was produced with the assistance of AI translation services.