Wall Street closes in green and Nasdaq grows 1.54% with strong increases in technology companies

Wall Street closed this Tuesday in green and the Nasdaq index, one of its main indicators, rose 1.54% in a day marked by inflation data in February in the US and the strong rise in the technology sector.

At the end of the session on the New York Stock Exchange, the Nasdaq technology index grew the most, 1.54%, up to 16,265 points, with several of the companies in the industry leading the increases.

The Dow Jones Industrial Average rose 0.61% to 39,005 points, and the selective S&P 500 rose 1.12% to 5,175 points.

The consumer price index (CPI) of the United States rose to 3.2% in February in the interannual rate, while compared to the previous month it increased 0.4%, above what analysts expected and well above of the 2% objective set by the Federal Reserve (Fed).

Most of the increase, 60%, was attributed to the increase in housing and gasoline prices, and the energy price index grew 2.3% compared to January, while the price of food remained almost unchanged, according to the Bureau of Labor Statistics (BLS).

The inflation data was received with caution by the markets at its opening, but mid-session, the S&P 500 index and the technological Nasdaq index recovered positive numbers.

“What is clear is that inflation data like those from January and February are not going to allow the Fed to lower rates quickly,” said Robert Frick, an analyst at Navy Federal Credit Union, in a statement.

In the opinion of Ben Laidler, global market strategist at the eToro investment and trading platform, the markets had already incorporated inflation data into their calculations and now the question is whether next week, when the Fed meets, it will be They maintain hopes that the first rate cut will arrive in June.

“Inflation tipping points have already risen, and investors are anticipating the rotation that will occur as we get closer to rate cuts,” Laidler said.

By sector, gains predominated, with technology (2.54%) standing out far above the others, ahead of communications (1.17%); Among the losers, it is worth mentioning public services (-0.99%).

Among the 30 listed companies in the Dow Jones, companies in the technology sector such as 3M (4.97%), IBM (3.16%) and Microsoft (2.66%) also stood out; Among the losers, the case of Boeing (-4.29%) stood out, after it was learned that United stopped the purchase of several of its Max 10 models.

Outside the Dow Jones and in the technology sector, Nvidia gained a powerful 7.16%, Oracle gained 11.75% and Meta grew 3.3%.

In addition, Texas oil fell to $77.56 per barrel, and at the close of the stock market gold fell to $2,162 per ounce, and the dollar remained unchanged against the euro (1.0925).