Precise Investors

Sunday, January 29, 2023
Stocks & Shares

Wall Street mixed as stocks retreat following positive start

Wall Street

The Dow ended 0.2% higher, at 31,523, the Nasdaq dropped 0.3%, to 14,048, and the S&P 500 shed less than 0.1%, to 3,933

The Dow ended 64 points, 0.2% higher, at 31,523. The Nasdaq dropped 48 points, 0.3%, to 14,048, and the S&P 500 shed 2 points, less than 0.1%, to 3,933.

The 10-year Treasury yield jumped above 1.3%, its highest level since February 2020. Some on Wall Street worry that higher rates could have a negative impact on an economy still hit with the pandemic, according to CNBC.

In crypto currencies, Bitcoin continued to surge, surpassing the $50,000 barrier for the first time Tuesday.

Wall Street shares were mixed after the holiday weekend as the earlier highs were tempered by Treasury bonds hitting their highest levels in a year.

The Dow Jones Industrial Average gained approximately 17 points at 31,475. The S&P 500 declined nearly four at 3,930, while the Nasdaq dropped nearly 63 at 14,032.

Record highs were registered on Wall Street as stocks commenced trading this week, after the long weekend – the market remained closed yesterday as it was President’s Day, said David Madden, market analyst at CMC Markets.

Investor confidence is still reasonably high as stimulus hopes still circulate. To a lesser extent, the mood was lifted by the prospect of the world economy edging back to normality as vaccines are administered, he said.

The ten-year Treasury bond hit a rate near 1.3% earlier, around the highest level since last March, when Wall Street selling was at its peak during the pandemic.

In company news, LiteLink Technologies Inc is to acquire an ownership interest in Canadian cryptocurrency exchange CatalX CTS

Cabral Gold Inc adds third drill rig to 5,000m program at Cuiú Cuiú project in Brazil

American Resources Corporation signs exclusive licenses for rare earth mineral processing and graphene patents from Ohio University

Predictmedix Inc notes recent deployment of its screening technology in Tampa Bay, Florida

INDVR Brands Inc generates record January sales for its Honu brand in Washington state

XPhyto Therapeutics Corp touts completion of European regulatory application process for rapid coronavirus test

DRDGOLD Limited on track to reach upper end of fiscal 2021 output guidance as revenue surges 41% in first half


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