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US markets rose; SoFi rallied 3.4% on earnings results; Nordstrom rocketed 38% on Q4 results

  • The Nasdaq rose 1.6% to close Wednesday’s session at 13,752 points.
  • SoFi shares rallied 3.4% on Q4 update and Q1 forecasted growth.
  • Nordstrom rocketed 38% on Q4 results including 23% sales growth.

The US markets rebounded on Wednesday to close the session higher as Fed chair Jerome Powell signalled an interest rate of a 0.25 point increase instead of a 0.5 point increase as investors had feared, to tackle the rising cost of living in the US.

The Dow Jones rose 1.8% to finish the trading day up 596 points to close at 33,891 points.

The tech heavy NASDAQ rose 1.6% to finish the trading day up 220 points to close at 13,752 points with Facebook and Tesla gaining 2.27% and 1.8% respectively.

One bitcoin is worth US$44,145 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 72.95 US cents.

Online personal finance company SoFi rose 3.4% on Wednesday after reporting strong fourth-quarter results. For the period, SoFi reported a loss of US$0.15/share compared to analysts’ expectations of a US$0.17 loss/share, record members were added during FY21 to end the year at 3.1 million members, up 87% from the start of the year, and net revenue came in at US$280m for Q4. SoFi also expects to generate between US$280m-US$285m in Q1 of FY22.

US-based luxury department store chain Nordstrom rocketed 38% on Wednesday after reporting better-than-expected results for the fourth-quarter. For the period, Nordstrom reported sales increased 23% to US$4.4bn and a 39.1% increase in net sales for the year to US$14.4bn, EPS came in at US$1.10/share compared to a loss of US$4.39/share for the PCP and the company said it expects stronger-than-expected earnings for the year ahead.

And airline manufacturer Boeing has joined the growing list of multinational companies halting services and sales to Russia, announcing the suspension of parts, maintenance and support for Russian airlines, as the country continues its war with Ukraine.

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