Wall Street: Wall Street opens in dispersed order, Best Buy in support
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PARIS (Reuters) – The New York Stock Exchange opened in mixed order on Tuesday with a renewed appetite for risk which is benefiting the Dow Jones and the S&P-500 after solid corporate results and statements deemed less restrictive by several US Federal Reserve (Fed) officials.

About ten minutes after the first exchanges, the Dow Jones index gained 143.51 points, or 0.43%, to 33,843.79 points and the wider Standard & Poor’s 500 rose by 0.18% to 3,957, 39 dots.

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The Nasdaq Composite lost 0.38%, or 41.412 points, to 10,983.09.

San Francisco Federal Reserve Chair Mary Daly stressed on Monday evening that the US central bank must tread carefully to avoid a “painful slowdown”, while her Cleveland on-air counterpart Loretta Mester spoke out in favor of a reduced increase in interest rates in December.

Pending the remarks scheduled for Tuesday from James Bullard and Esther George, two other Fed officials, and the “minutes” of the central bank’s November meeting, expected on Wednesday at 7:00 p.m. GMT, the markets are banking for the moment on a limited 50 basis point hike in Fed rates in December.

Transactions will also be limited this week, Wall Street being closed Thursday for the Thanksgiving holiday and Friday’s session being shortened.

In values, Best Buy jumped 9.79% after slashing its forecast for a sales decline of around 11% to 10% for the full year, the group counting on discounts to mitigate the slowdown in demand linked to inflation.

Dell fell 0.3% in the context of a deceleration in PC purchases, the group’s total turnover having fallen by 6% in the third quarter.

The downward revision of Zoom’s annual revenue forecast (-8.63%) is also sanctioned.

The results and prospects of American Eagle Outfitters (+14.23%) and Analog Devices (+3.12%) are welcomed, while Walgreens, whose share price rose 1.91%, benefited from the rise in the Cowen & Company’s recommendation to “outperform”.

(Written by Claude Chendjou, edited by Sophie Louet)

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