The Nasdaq 100 breaches key resistance at 13,000 points
Wall Street made up for its losses from the day before on Wednesday, as the main US indices rebounded after being penalized by a renewed risk aversion caused by Nancy Pelosi’s visit to Taiwan.
Wall Street was lifted by falling oil prices which broke through important supports, suggesting peak inflation is near or behind, but also by better than expected economic data and earnings.
The ISM services index unexpectedly improved in July, allaying short-term recession fears, while the S&P Global services PMI was revised up surprisingly but remains in depressed territory. contraction. On the other hand, industrial orders rose more than expected and mortgage applications rebounded accordingly.
The tech giants proved to be a major support for the market, helping the sectors of information technology (+2.7%), consumer discretionary (+2.5%) and communication services ( +2.5%) to finish at the top of the standings. The energy sector (-3.0%) was the only sector to end in the red in the wake of oil prices.