Stocks rebound from 2022 low, Dow closes up more than 500 points and snaps six-day losing streak; European markets close slightly higher; European stocks close lower as Bank of England boost fades
Stocks resumed their 2022 sell-off on Thursday, sending the S&P 500 to a new low for the year, as fears swirled that a recession won’t stop the Federal Reserve from raising interest rates. The sell-off was broad-based and was led by Apple, which tumbled as a major investment bank downgraded the one-time bear market outperformer. The stock closed down 4.9%.
The S&P 500 declined 2.1% to 3,640.47 in a new closing low for the year. During the session, it also fell to a new 2022 intraday low of 3,610.40. This is also its lowest intraday level since 2020.
care stocks added 1.8%.
Shares of German multinational conglomerate Thyssenkrupp fell 11% by mid-afternoon after JPMorgan reinstated its coverage of the stock with an “underweight” rating.
At the top of the Stoxx 600, Swiss pharmaceutical company Roche jumped 5.7% after a positive read-across from an Alzheimer’s drug study by rivals Eisai and Biogen.
CarMax, shares plummeted 23.2% after it released second-quarter earnings below analyst expectations.
Bed Bath & Beyond, shed more than 8% Thursday after the company reported a wider-than-projected quarterly loss and a 28% decline in sales for its most recent quarter.
The pan-European Stoxx 600 provisionally closed down 1.8%, with auto stocks dropping 5% to lead losses as all major bourses slid into negative territory. Only the basic resources sector gained, closing up 0.5%.
Porsche shares increased almost 2% above its IPO price in its stock market debut on Thursday, in what’s being billed as one of Europe’s biggest ever public offerings. Shares in the luxury carmaker initially traded at 84 euros ($81) at the start of the day. Shares had been priced at the top end of their range late Wednesday, putting the company value up to 75 billion euros.
Source: CNBC, Investing.com