ASX expected to rise after strong day on Wall Street

Energy stocks have bucked the trend with stellar annual gains of 57 percent.

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Wall Street’s main indices fell more than 1 percent on Wednesday, with the Nasdaq Composite Index hitting a closing low from 2022, as rising COVID cases in China and geopolitical tensions fueled fears of a likely 2023 recession.

However, investors’ preference for stocks with high dividend yields and steady income has limited losses in the Dow Jones Industrial Average, which is down just 8.5 percent for the year.

The Dow rose 345.09 points, or 1.05 percent, to 33,220.8; the S&P 500 rose 66.06 points, or 1.75 percent, to 3,849.28; and the Nasdaq Composite rose 264.80 points, or 2.59 percent, to 10,478.09.

Tesla Inc stock rose after CEO Elon Musk told employees not to “let stock market madness bother them.”

For 2022, Tesla’s 66 percent plunge and Amazon.com’s 50 percent decline played big roles in the S&P 500’s consumer discretionary sector losing 38 percent. About $1.6 trillion in shareholder value disappeared after investors dumped high-growth stocks with expensive earnings multiples.

Volume on US exchanges was 8.78 billion shares compared to the average of 10.95 billion for the entire session over the past 20 trading days.

https://www.smh.com.au/business/markets/asx-expected-to-lift-on-wall-street-gains-20221230-p5c9fc.html?ref=rss&utm_medium=rss&utm_source=rss_business ASX expected to rise after strong day on Wall Street

Brian Lowry

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