2023-05-15 20:44:00
© Archyde.com. Traders trade at the New York Stock Exchange on November 15, 2023. Photo: Brendan McDiarmid/Archyde.com.
NEW YORK (Archyde.com) – The Standard & Poor’s indices closed with modest gains on Monday following data raised concerns regarding a slowing US economy that might help lower inflation amid negotiations over the US debt ceiling, while a rally in Meta shares (NASDAQ:) helped lift the Nasdaq. .
The Dow Jones Industrial Average rose 47.98 points, or 0.14 percent, to 33,348.6 points, the Standard & Poor’s 500 index rose 12.2 points, or 0.30 percent, to 4,136.28 points, and the Nasdaq Composite Index rose 80.47 points, or 0.66 percent, to 12,365.21 points.
Meta Platforms rose 2.16 percent to become one of the biggest supporters of both the Nasdaq and the Standard & Poor’s 500 following a recommendation from Loeb Capital to “buy” the stock.
Data pointing to an economic slowdown raised expectations regarding when the Federal Reserve (the US central bank) will stop the cycle of raising interest rates as it tries to curb inflation.
Several Federal Reserve officials indicated on Monday that they expect interest rates to remain high, contrary to market expectations of lowering them before the end of the year.
(Prepared by Doaa Muhammad for the Arabic Bulletin)
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