2023-12-17 08:09:39
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The Dow Jones New York Stock Exchange Index closed positive on Friday (Dec. 15), closing at a record high for the third day in a row, as investors continued to respond to the Federal Reserve’s (Fed) signal that it would start to cut back. Next year’s interest rate
The Dow Jones Industrial Average closed at 37,305.16 points, up 56.81 points or +0.15%, the S&P500 index closed at 4,719.19 points, down 0.36 points or -0.001%, and the Nasdaq index closed at 14,813.92 points, up 52.36 points or +0.35%.
In this week The Dow added 2.9%, the S&P 500 rose 2.5% and the Nasdaq rose 2.8%.
The S&P 500 index rose for the seventh week in a row. This is the longest since 2017, driven by the prospect of the Fed cutting interest rates next year.
However, the comments of John Williams, President of the New York Fed, stated that It’s too early to talk regarding that rate cut. has reduced the positive force in the market
Stocks that are sensitive to interest rates, such as real estate and public utilities groups fell more than 1% and curtailed this week’s positive session.
The New York Stock Exchange soared. After the Fed signaled in its policy statement on Wednesday (Dec. 13) that the Fed will begin lowering interest rates next year.
The semiconductor stock index rose 9.1% this week. This is the largest weekly percentage increase since May.
The market trading volume reached 19.76 billion shares. This compares to the average volume of 11.8 billion shares in the past 20 business days.
Costco Wholesale shares jumped 4.4% following revealing first-quarter earnings beat expectations. Due to the demand for cheap consumer products
The market was also supported by the release of a survey of business activities in the country that improved in December. Amid increasing orders and labor demand This may help alleviate concerns regarding a sharp slowdown in the US economy in 4Q23.
S&P Global released Friday (Dec. 15) its Purchasing Managers’ Index (PMI), a composite of U.S. manufacturing and primary services sectors. rose to 51.0 in December, the highest level in five months, from 50.7 in November, with the PMI index above 50 indicating expansion of the US business sector.
Source: InfoQuest News Agency
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