US stocks see Dow Jones soar as GDP increase eases recession fears – Proactive Investors USA
12.05pm: Dow running 350 points higher
US indices saw the tech-heavy Nasdaq Composite dragged down by the lowest share prices since 2016 for social media giant Meta Platforms, while the Dow Jones soared on new GDP numbers.
At midday, the S&P 500 was flat at 3,829, the Nasdaq Composite was down by 0.9% at 10,70 while the Dow Jones rose by 350 points or 1.2% to 32,216 points.
Joshua Mahony, senior market analyst at online trading platform IG, said Meta is driving down the Nasdaq while better than expected US economic growth data is lifting the Dow.
“US growth stocks are failing to live up to their name of late, with the collapse in Meta shares driving the tech sector lower once again. Underperformance for the Nasdaq comes amid a session that does see continued optimism for many traditional businesses,” Mahony wrote in a report.
“Most notably, we are seeing the Dow outperform as manufacturing stocks gaining in the wake of improved demand and margins for industrial giant…
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source: https://news.oneseocompany.com/2022/10/27/us-stocks-see-dow-jones-soar-as-gdp-increase-eases-recession-fears-proactive-investors-usa_2022102734521.html
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