The Daily Times Newspaper

Wall Street Bounces Back After Unrest Over Ukraine

36,573

The stock markets in New York recovered somewhat on Wednesday after the heavy loss the day before. Investors put aside worries about the tense situation around Ukraine. Also, the markets seem unimpressed by the sanctions that the West has imposed on Russia so far.

 

Shortly after opening, the Dow-Jones index was 0.6 percent higher at 33,784 points. The S&P 500 rose 0.7 percent to 4,333 points. The broad index fell 1 percent on Tuesday, returning to what is known as the correction zone. That is, the index is down 10 percent from its recent high. Tech gauge Nasdaq rose 0.9 percent to 13,504 points after four losses in a row.

Lowe’s thickness is at 4.3 percent. The do-it-yourself group did well last quarter as Americans spent more money on improving and renovating their homes due to the tight housing market. The company also raised its expectations for the current fiscal year.

Tupperware fell 2.3 percent. The marketing company, mainly known for plastic bins for food storage, booked more sales than expected. However, the profit in the past quarter was disappointing.

Virgin Galactic won more than 12 percent. Billionaire Richard Branson’s space tourism company lost less than expected last quarter and improved its cash position. On the other hand, pharmaceutical Kodiak Sciences plunged almost 79 percent after disappointing test results for its experimental eye drug.

UPS was up 0.6 percent. The parcel deliverer will not receive billions in compensation from the European Commission for thwarting the takeover of TNT Express. The committee has made mistakes, but it is not said that UPS has been harmed; as a result, the European Court of Justice ruled. UPS wanted to incorporate the Dutch parcel carrier in 2013 but was vetoed by the committee. UPS then withdrew from the sale, after which competitor FedEx eventually ran off with TNT.

Stellantis, which is also listed on Wall Street, rose 7.5 percent. The parent company of Fiat, Chrysler, Citroën and Peugeot made considerably more profit last year. The group produced fewer cars than planned due to chip shortages but compensated for this by selling more cars from the more expensive segment.

Leave A Reply