S&P 500 gains 1,000 points in last 4 months
Major US indices closed with collective gains on Wednesday, supported by economic data and Federal Reserve Chairman Jerome Powell's testimony before Congress.
Powell said he still expected the Fed to cut rates this year and that the U.S. economy did not appear close to recession, although he declined to commit to a timetable for cuts as progress on inflation was not assured.
Data showed private sector jobs increased slightly and less than expected in February, and the February nonfarm payrolls report due on Friday is expected to provide more clarity on the state of the labor market.
Performance of major US indices:
The Dow Jones rose 0.2%, or 76 points, on Wednesday after two sessions of declines, to close at 38,661 points.
The Nasdaq Composite Index rose 0.6% to regain the 16,000 point level.
The S&P 500 index also rose by 0.5% to regain the 5,100-point level, bringing its gains to 1,000 points in the last 4 months, specifically since the bottom of October 27.
Tesla shares
Tesla shares fell 2.3% on Wednesday, posting their third straight daily loss and closing at a nine-month low.
The company lost $83 billion in market value in the last three sessions, falling from 12th place globally to 14th place globally.
The losses came after Morgan Stanley cut its price target on the stock to $320 from $345 amid concerns that demand for electric vehicles will continue to lag despite price cuts.
Foot Locker Stocks
Foot Locker shares plunged 30% on Wednesday, posting their biggest daily loss in more than two years, after the company reported a quarterly loss and a negative outlook for 2024.
The American sportswear and footwear company suffered a loss of $389 million in the quarter ended February 3, compared to a profit of $19 million in the same period the previous year.
