World news: U.S. stocks closed higher on Tuesday after Alphabet’s fourth-quarter earnings beat expectations

2022-06-23 0 By

The DOW Jones Industrial Average rose more than 270 points Tuesday morning (Beijing time).U.S. and European stocks rose as crude oil hit its highest level in more than seven years, the U.S. IMS manufacturing activity index fell for a third straight month and the Philadelphia Fed president backed four interest rate hikes this year.The Dow Jones Industrial Average edged up 273.38 points, or 0.78 percent, to 35,405.24.The Nasdaq composite index edged up 106.12 points, or 0.75 percent, to 14,346.0.The S&P 500 edged up 30.99 points, or 0.69 percent, to 4,546.54.Among large Chinese stocks, Alibaba rose 1.13%, Baidu rose 0.85%, NetEase fell 1.20%, Pduo Duo fell 0.40%, Weibo rose 0.17%, IQiyi rose 11.03%, Good Future fell 1.57% and New Oriental lost 1.40%.The larger Chinese stocks are:Puxin Education up 25.82%, Ruitu Ecological up 17.33%, Elite Education up 15.00%, Tongdao Holdings up 14.94%, Yuehang Sunshine up 14.60%, Mingda Jiahe up 13.92%, Internet technology packaging up 11.89%, Pleasant Jinke up 11.79%, Senmiao Technology up 11.40%,Jiayin Jinke rose 11.34%, Qutoutiao 10.39%, Yunmi 10.24% and Weidai.com 10.15%.In Europe, Britain’s FTSE 100 edged up 0.96 percent to 7,536.France’s CAC40 index was up 1.43% at 7,099.Germany’s DAX index edged up 0.96 percent to 15,619.The main contract for WTI crude settled at $88.33 a barrel, up 0.20%.The main contract for Brent crude settled at $89.29 a barrel, up 0.03%.The main contract closed down 2.03 per cent at 534.50 yuan a barrel overnight.Shanghai gold main contract closed down 1.20 percent at 370.10 yuan per gram overnight.Shanghai Silver’s main contract ended 3.45 per cent lower at 4,703.00 yuan per kg.Patrick Harker, president of the Philadelphia Fed, said on Tuesday that the Us central bank could raise interest rates four times this year and act more aggressively if factors contributing to rising inflation, such as supply chain problems, do not ease.If inflation stays where it is and continues to fall, I don’t think it will rise by 50 basis points, “Mr Harker said.” But if we see inflation surge, then I think we may have to act more aggressively.”The number of Americans quitting their jobs hit a record high in 2021, the Bureau of Labor Statistics reported on Monday.Of these, 4.3 million quit in December 2021 and 4.5 million quit in November.Data released on Tuesday showed the Institute for Supply Management’s factory activity index fell to 57.6, its third straight monthly decline, and is now at its lowest level since November 2020, from 58.8 the previous month.Still, anything above 50 indicates expansion.Supply constraints continue to ease, but remain, according to the ISM data.Supplier delivery times improved slightly, with the ISM order backlog indicator falling to its lowest level since October 2020.Alphabet, the parent company of Google inc., reported better-than-expected fourth-quarter results after the bell on Tuesday and announced a 20-1 stock split that will take effect in July.Alphabet earned $30.69 a share in the fourth quarter, versus $27.34 expected;Revenue of $75.33 billion versus $72.17 billion expected.Starbucks corp. reported mixed first-quarter results after the bell on Tuesday as higher costs weighed on profits, but U.S. coffee stores saw strong demand during the holiday season.Starbucks reported adjusted first-quarter earnings of 72 cents a share, compared with consensus estimates of 80 cents.Revenue rose 19% to $8.05 billion versus consensus estimates of $7.95 billion;Net income was $815.9 million, up from $622.2 million in the same period last year.AMD reported revenue of $4.826 billion in the fourth quarter, up 49% from $3.244 billion a year earlier and 12% from $4.313 billion in the previous quarter.Net income was $974 million, down 45% from $1.781 billion a year earlier and up 6% from $923 million in the previous quarter.Source: Flush Financial Research Center