2024-02-01 23:35:28
Editor’s Picks, Stock News6:24am.2024-02-02
The Dow Jones New York Stock Exchange index closed higher on Thursday (Feb. 1), with the market recovering following falling sharply on Wednesday. Investors are also keeping an eye on the earnings of major listed companies, including Apple and Meta Platforms. Investors are also keeping an eye on the release of US non-farm payroll figures today. To assess the interest rate direction of the US Federal Reserve (Fed) following the Fed signaled in its latest meeting that it would not cut interest rates in March.
- The Dow Jones Industrial Average closed at 38,519.84 points, an increase of 369.54 points or +0.97%,
- The S&P500 Index closed at 4,906.19 points, up 60.54 points or +1.25% and
- The Nasdaq index closed at 15,361.64 points, up 197.63 points or +1.30%.
Torsten Schlock, analyst at Apollo Global Management, commented: Investors absorbed the results of the latest Fed meeting and bought stocks. This helped the Dow Jones index rebound to close at a record high, while the S&P 500 and Nasdaq index rose more than 1%. The market also received positive factors from the 10-year US government bond yield falling to a lower level. 4%
Ten of the 11 stocks in the S&P 500 closed in positive territory, led by the luxury goods index’s gain of 1.98% and the consumer goods index’s gain of 1.97%.
Shares of Merck & Co., a major U.S. pharmaceutical company, rose 4.6% following the company announced fourth-quarter 2023 revenue of $14.63 billion. Higher than analysts’ expectations of $14.50 billion. This was driven by sales of Keytruda, a cancer treatment. Including sales of Gardasil, a cervical cancer vaccine.
The KBW Regional Bank Index fell 2.3%, pressured by shares of New York Community Bancorp, which fell 11% following the bank announced its fourth-quarter loss. /2023 and announced a reduction in dividend payments. As a result, markets are beginning to worry regarding the financial stability of regional banks in the US.
Investors keep an eye on the performance of major technology companies. Meta Platforms, Apple Inc. and Amazon will release earnings following the market closes. Meanwhile, Meta, Apple and Amazon stocks closed up 1.2%, 1.3% and 2.6%, respectively.
According to LSEG, 208 companies in the S&P 500 index have now reported earnings. Of these, 80% reported higher than expected operating results.
For the economic data that was released last night. The U.S. Department of Labor said initial jobless claims rose 9,000 to 224,000 last week. and higher than analysts’ estimates of 213,000.
The Institute for Supply Management (ISM) said its manufacturing index rose to 49.1 in January from 47.1 in December and was higher than analysts’ expectations for 47.2. The index is below 50, indicating that the US manufacturing sector is contracting. and it is the 15th consecutive month of contraction.
Investors are keeping an eye on today’s release of US non-agricultural employment figures. The analysts predicted that Employment numbers will increase by 173,000 in January. which slowed from 216,000 jobs in December. And the unemployment rate is expected to increase to 3.8% in January from 3.7% in December.
By InfoQuest News Agency (02 Feb. 2024)
Tags: dowjones, Dow Jones, stock market, New York Stock Exchange
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