WALL Street stocks survived a midday swoon and finished higher yesterday following solid results from chip company Nvidia that boosted tech shares.

The advance snapped a four-day losing streak for the S&P 500 following a mixed day on global equity bourses and a rally in oil prices.

Equities have been under pressure due to anxiety that the Federal Reserve will prolong a period of aggressive interest rate hikes.

Yesterday’s pullback in New York came amid worries that “less discretionary spending is apt to translate to slower growth and further cuts to earnings estimates while the Fed looks intent on raising rates higher than expected for longer than expected,” said Briefing.com.

“Buyers stepped in to buy the dip, though, and the main indices all finished the session with decent gains.”

All three major US indices advanced, led by the Nasdaq, which won 0.7% behind a 14% surge in Nvidia shares.

Traders are now fixating on a scenario in which the Fed undertakes quarter-point interest rate increases in March, May and possibly June, Oanda’s Edward Moya said in a note.

But the yield on the 10-year US Treasury note edged lower after flirting with 4%.

Commerce Department data yesterday showed the US economy grew in the last quarter of 2022 at a rate of 2.7%, annualised, lower than the 2.9% increase originally reported.

The report comes ahead of today’s reading on the personal consumption expenditures price index, which is a key data point for the Fed.

In Europe, both Frankfurt and Paris stocks closed higher, but London’s benchmark FTSE 100 index dipped.

London’s loss came despite shares in Rolls-Royce soaring 23% after the maker of aircraft engines promised greater efficiency under its new chief executive Tufan Erginbilgic.

Oil prices bounced higher after several days of sliding.

“Crude oil prices have rebounded… as China demand expectations contrive to help keep a floor under prices,” said CMC Markets analyst Michael Hewson.

Key figures around 5.50am:

New York - Dow: UP 0.3% at 33,153.91 (close)

New York - S&P 500: UP 0.5% at 4,012.32 (close)

New York - Nasdaq: UP 0.7% at 11,590.40 (close)

London - FTSE 100: DOWN 0.3% at 7,907.72 (close)

Frankfurt - DAX: UP 0.5% at 15,475.69 (close)

Paris - CAC 40: UP 0.3% at 7,317.43 (close)

EURO STOXX 50: UP 0.4% at 4,258.16 (close)

Hong Kong - Hang Seng Index: DOWN 0.4% at 20,351.35 (close)

Shanghai - Composite: DOWN 0.1% at 3,287.48 (close)

Tokyo - Nikkei 225: Closed for a holiday

Euro/dollar: DOWN at US$1.0600 from US$1.0605 on Wednesday

Pound/dollar: DOWN at US$1.2017 from US$1.2046 

Euro/pound: UP at 88.17 pence from 88.03 pence

Dollar/yen: UP at ¥134.70 from ¥134.84

Brent North Sea crude: UP 2.0% at US$82.21 per barrel

West Texas Intermediate: UP 1.9% at US$75.39 per barrel. – AFP, February 24, 2023.