Wall Street: Wall Street ends up, driven by distribution and energy
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by Chuck Mikolajczak

NEW YORK (Reuters) – The New York Stock Exchange ended higher on Tuesday on weak trading volumes ahead of Thanksgiving, as Best Buy’s sales forecast gave reassurance about the outlook for the holiday season. year in the United States despite inflation, while rising oil prices drove energy stocks.

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The Dow Jones Industrial Average gained 1.18%, or 397.82 points, to 34,098.1 points.

The broader S&P-500 rose 53.64 points, or 1.36%, to 4,003.58 points, the highest closing since September 12.

The Nasdaq Composite advanced for its part by 149.9 points (1.36%) to 11,174.41 points.

Best Buy, a specialist in the distribution of consumer electronics, jumped 12.8%, the best performance of the S&P-500, after predicting a less pronounced contraction than expected in its annual sales.

Gains in the retail sector (+1.21%) were however limited by the 7.8% fall of Dollar Tree, the worst performance of the S&P-500, the discount chain having lowered for the second time its annual profit forecast.

The trend was also supported by energy stocks (+3.18%) with the rise in oil prices, Saudi Arabia having not ruled out new measures from OPEC + to balance the market in the face of falling prices, while denying a possible increase in its own production.

Walgreens Boots Alliance, a component of the Dow Jones, took 2.96% after an increase in recommendation from Cowen, which welcomes the pharmaceutical distributor’s desire to develop its activity in health-related services.

Manchester United shares jumped 14.7% after reports from Sky News that the Glazer family were considering various financial options, including a sale of the English football club.

Zoom Video Communications, on the other hand, fell 3.9% after lowering its annual revenue forecast.

Trading volumes were reduced, with 9.45 billion shares traded on US equity markets against 11.75 billion on average over the previous 20 sessions. They should continue to decline as Thanksgiving approaches Thursday, when Wall Street will be closed before reopening for only half a session on Friday.

(Report Chuck Mikolajczak, Bertrand Boucey)

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