Consumers see inflation, spending sliding over next year, according to New york city Fed Survey
Dow, S&P 500 close down while Nasdaq posts second day of gains
At market close Monday, the Dow and S&P 500 traded down in spite of both trading up earlier in the day.The S&P 500 whipsawed around the flatline in the afternoon, closing down just 0.1%. The Dow ended down 0.3%as investors concentrated on growth names as hopes grew over cooling inflation.But the Nasdaq Composite ended up 0.6%, helped by an almost 6%rally in Tesla and jumps in other tech names.Losses were focused in current winners, like health care, energy and aerospace and defense.
— Alex Harring, Scott Schnipper Tesla leaps 7%as electrical automobile stock rallies off 2-and-a-half year low Tesla increased more than 7%as financiers pulled the electric lorry maker off previous lows not seen in two-and-a-half years.The stock is up more than 12%in 2022. That means the first couple of trading days have used a break after dropping 65%in 2022. Tesla has actually struggled in recent months amid CEO Elon Musk’s disorderly purchase of Twitter. Financiers are enjoying Tesla and Apple for insights into how a few of the most significant innovation names will fare after the market was beat down last year.