by Chuck Mikolajczak
NEW YORK (Reuters) – The New York Stock Exchange rebounded tentatively on Monday after suffering its worst weekly performance since the start of the year last week, as investors attempted to buy on the cheap while remaining concerned about the level of inflation and the prospect of longer-than-expected monetary tightening by the Federal Reserve.
The Dow Jones Industrial Average gained 0.22 percent, or 72.17 points, to 32,889.09 points.
The broader S&P-500 gained 12.19 points, or 0.31%, to 3,982.24 points.
The Nasdaq Composite advanced for its part by 72.04 points (0.63%) to 11,466.98 points.
All three major Wall Street indexes opened more than 1% higher after last week’s tumble but quickly pared gains amid stronger-than-expected growth in factory orders in January in the United States, confirming the scenario of further vigorous rate hikes by the Fed.
At individual values, Tesla gained 5.46%, the automaker having announced that its factory near Berlin was already producing 4,000 vehicles per week, three weeks ahead of schedule.
Rail operator Union Pacific jumped 10.1% after the announcement of the departure of its chief executive Lance Fritz, amid pressure from hedge fund Soroban Capital Partners.
Pfizer, on the other hand, lost 2.32%, the laboratory being in discussions to buy the specialist in cancer treatments Seagen (+ 10.4%) for several billion dollars, according to the Wall Street Journal.
(Written by Chuck Mikolajczak, Bertrand Boucey)
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