2023-12-20 22:07:13
The performance of stock indices on Wall Street was mixed yesterday, as the Nasdaq Composite Index rose by 0.6%, while the Standard & Poor’s and Dow Jones remained stable.
The day before yesterday, the Dow Jones rose to a new record high above 37,500 points, and the Nasdaq increased to the level of 15,000 points, and both indexes achieved their ninth victory in a row.
FedEx shares fell 11% following the package delivery giant posted disappointing revenue forecasts for the fiscal year. The results of the second fiscal quarter were also lower than expectations.
All three major averages are headed for gains in December and 2023, as stocks build on the recent rally and investors look forward to interest rate cuts from the Federal Reserve in the new year. The S&P 500 is up 4.4% this month and 24.2% year to date, while the Dow Jones has added 4.5% and 13.3%, respectively. The Nasdaq is up 5.5% for December and 43.4% for 2023, putting it on track for its best year since 2020.
European stocks
European stocks consolidated, following data on slowing inflation in Britain and Germany, while rising commodity prices led to a rise in resource stocks.
The STOXX 600 index fell regarding 0.3 percent during trading, while shares of the energy and communications sectors were the biggest gainers.
Data showed a decline in producer prices in Germany more than expected in November, and inflation in Britain fell much more than expected last month to the low level recorded by core inflation in September 2021, which strengthened expectations of lowering interest rates. The German DAX index fell 0.02 percent.
Energy stocks rose 1.1 percent and basic resources stocks rose 0.4 percent due to the rise in prices of most basic commodities.
Telefonica shares jumped 6.3 percent, with the Spanish government preparing to acquire regarding 10 percent of the shares of the giant telecommunications company.
Deutsche Post shares fell 1.3 percent following its American counterpart, FedEx, lowered its revenue expectations for the whole year and announced lower-than-expected quarterly profits.
Japan indices
Japan’s Nikkei closed at its highest level in more than five months as caution over the Bank of Japan’s policy stance faded following it gave no hints on when it would abandon its negative interest rate policy.
The Nikkei rose 1.37 percent to close at 33,675.94 points, the highest closing level since July 3. The broader Topix index rose 0.67 percent to 2,349.38 points.
Fast Retailing, which owns the Uniqlo clothing brand, rose 3.92 percent, providing the biggest support to the Nikkei index. Shin-Etsu Chemical, which manufactures silicon chips, jumped 4.08 percent, and Daikin Industries, which makes air conditioners, rose 3.1 percent.
The shipping sector rose 3.16 percent, becoming the biggest gainer among 33 sector sub-indices on the Tokyo Stock Exchange.
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