Retail and energy give Wall Street its breath. Best Buy scales 12.71% – Bolsa


Wall Street started the session in positive territory, with the retail sector being the center of attention of investors, after Best Buy updated its sales forecasts for this year upwards, thus reducing the market’s concern about the possibility of December buying was weaker than expected. The energy sector also shared the protagonist role of the session, having risen on the ride of oil prices.

The industrial Dow Jones added 1.18% to 34,098.10 points, while the S&P 500 gained 1.36% to 4,003.58 points. The technological Nasdaq Composite gained 1.36% to 11,174.41 points.

Best Buy said it expects sales to fall 10% year-on-year, compared with an earlier forecast of an 11% drop. In view of this less pessimistic outlook, securities totaled 12.71%, leading the S&P 500 gains. In the third quarter, which for the company ended on October 29, company sales fell 10.4% year-on-year, below Refinitiv estimates that pointed to 12.9%.

Energy also helped boost the session, on the back of oil prices, which this Tuesday recovered from the slump of the last session. The “black gold” plunged due to information that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries and their allies (OPEC+) were considering an increase in production, this at a time when China maintains many restrictions due to the covid and thus penalizes the prospects for demand.

However, this Tuesday, the information was later denied by Riyadh, which led to the quotations eclipsing almost all losses. Thus, Shell for example rose 3.89%.

The day also served to digest the most recent statements by some members of the US Federal Reserve, one day before the minutes of the last monetary policy meeting of the central bank, which took place in November, were released.

The president of the Cleveland Federal Reserve, Loretta Mester, has shown willingness to slow down the pace of hikes in key interest rates.

San Francisco Fed President Mary Daly warned of the need for Fed members to be aware of lags in the transmission of changes in monetary policy, according to Bloomberg.


Source: Jornal de Negócios by www.jornaldenegocios.pt.

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