Stock Market News for Nov 21, 2022 – Zacks Investment Research

Date:

- Advertisement -

We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
Don't Know Your Password?

New to Zacks? Get started here.
Don't Know Your Password?

You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
OK Cancel
Image: Bigstock
Zacks Equity Research
AEP ATO AGR
Trades from $1
You follow Market News – edit
You follow Zacks Equity Research – edit


U.S. stocks ended higher on Friday, snapping their two-day losing streak, in a choppy trading session, as investors shrugged off tougher comments from Fed officials about rate hikes. All three major indexes ended in positive territory. However, indexes ended in the red for the week.
The Dow Jones Industrial Average (DJI) climbed 0.6% or 199.37 points to end at 33,745.69 points.
The S&P 500 rose 0.5% or 18.78 points to close at 3,965.34 points. Utilities, real estate and healthcare stocks were the biggest gainers. However, energy stocks weighed on the index.
The Utilities Select Sector SPDR (XLU) jumped 2.1%, while the Real Estate Select Sector SPDR (XLRE) gained 1.3%. The Health Care Select Sector SPDR (XLV) gained 1.2%. The Energy Select Sector SPDR (XLE) fell 0.8% Nine of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq gained less than 0.1% or 1.1 points to finish at 11,146.06 points.
The fear-gauge CBOE Volatility Index (VIX) was down 3.38% to 23.12. A total of 9.7 billion shares were traded on Friday, lower than the last 20-session average of 12 billion.
The upbeat sentiment that had been helping markets since the release of the October consumer price index (CPI) data is slowly fading. CPI data for October showed that the cost of living was easing. This gave investors’ confidence a boost as they started speculating that the Fed may finally think of slowing down its aggressive interest rate hike policy.
Stocks have been on a rally since then but seem to be slowly losing steam after Fed officials over the week said that it was too early to expect a pause in interest rate hikes. On Thursday, Federal Reserve Bank of Saint Louis President James Bullard said that the Fed will have to continue increasing interest rates to bring down inflation. He also showed a chart that hinted at interest rates could go up to as much as 5% and 7%.
Also, Federal Reserve Bank of Boston leader Susan Collins said that although there is little evidence that inflation is easing, the Fed still needs to go for at least another 75-basis-point rate hike to bring down inflation.
The comments weighed on markets but investors tried to shrug them off, while many remained skeptical about the future of the economy. This resulted in a choppy trading session throughout Friday.
Defensive stocks made up for the declines in energy sector stocks. Shares of American Electric Power Company, Inc. (AEP Free Report) gained 2.5%, while Avangrid, Inc. (AGR Free Report) climbed 3%. Shares of Atmos Energy Corporation (ATO Free Report) jumped 3.5%. American Electric Power Company has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The National Association of Realtors said on Friday that existing home sales tumbled 5.9% in October, recording its ninth straight month of decline. On a year-over-year basis, it declined 28.4%.
In other economic data released on Friday, the Conference Board Leading Economic Index declined 0.8% in October to 114.9, after declining 0.5% in September.
All three major indexes finished the week in the red. The Dow declined less than 0.1%, while the S&P 500 lost 0.7%. The Nasdaq was the worst performer, declining 1.6% for the week.
American Electric Power Company, Inc. (AEP) – free report >>
Atmos Energy Corporation (ATO) – free report >>
Avangrid, Inc. (AGR) – free report >>
Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days.
Recent stocks from this report have soared up to +178.7% in 3 months – this month’s picks could be even better. See our report’s 7 new picks today, absolutely FREE.
Privacy Policy No cost, no obligation to buy anything ever.
This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor’s Business Daily, Inc.; and Morningstar, Inc.
Copyright 2022 Zacks Investment Research 10 S Riverside Plaza Suite #1600 Chicago, IL 60606
At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.51% per year. These returns cover a period from January 1, 1988 through September 12, 2022. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations.
Visit Performance Disclosure for information about the performance numbers displayed above.
Visit www.zacksdata.com to get our data and content for your mobile app or website.
Real time prices by BATS. Delayed quotes by Sungard.
NYSE and AMEX data is at least 20 minutes delayed. NASDAQ data is at least 15 minutes delayed.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

source

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

ADVERTISEMENT

Popular

More like this
Related

Nigerian naira falls to new record low on official market -FMDQ Exchange

Nigeria's naira currency fell to a new record low...

Zambia’s kwacha is Africa’s best performing currency in 2024

Zambia's kwacha is Africa's best performing currency against the...

Newmont plans to divest six mines, cut jobs to reduce debt after Newcrest buy

Newmont Corp (NEM.N), opens new tab on Thursday beat analysts' estimates...

Gold Fields eyes rapid ramp-up at new Chile mine, lifts output forecast

South Africa's Gold Fields (GFIJ.J), opens new tab on Thursday raised...