2023-11-30 22:38:14
Dow Jones jumps 520 points and records its highest levels in 2023… and oil declines 2.4%
The Dow Jones Industrial Average of US stocks added 520 points today, Thursday, to record its highest levels this year, bringing its gains in November ending to 8.8%, which was the best month for the most famous index in the world since October of last year.
By the end of Thursday’s trading, the rising points in the Dow Jones represented 1.5% of its value at the beginning of the day, and the S&P 500 index added 0.38% of its value, while the Nasdaq index fell by 0.23%, in what appeared to be extensive profit-taking operations, concentrated in… Major technology companies, which had the largest role in the increases recorded during the ending month.
The ending month was the best for both the S&P 500 and Nasdaq indices since July of last year, during which their gains exceeded 8% and 10%, respectively, but the two indices remained at the end of the month approximately 1% away from their highest levels. Current year.
“A lot of what we saw in November is just the realization that the economy is still doing well, that consumers are resilient, and that the Fed is not going to raise rates, more than anything else,” said Chris Zaccarelli, chief investment officer at Independent Advisors. . “Assuming these conditions remain between now and the end of the year, which is our most likely scenario, we believe the market will continue to rise,” he added.
He added: “For 2022, we spent a lot of time thinking regarding the risks that might occur, and we did not spend any time thinking regarding what might happen in a positive way, so 2023 was a story of a lot of things that went well.”
On the Old Continent, European stocks recorded their highest level in more than two months on Thursday, ending November on a significant note, following data showing a decline in inflation in the United States and Europe reinforced bets that central banks would reduce interest rates soon.
The STOXX 600 index of European stocks ended today’s trading at an increase of 0.5%, recording its largest monthly gain since January, with a 14.7% jump in the real estate and technology sectors, which are highly affected by interest rates, according to Archyde.com.
Euro zone data showed that inflation slowed to 2.4% on an annual basis in November from 2.9% in October, which is much better than expectations for a decline to 2.7%, while the annual increase in prices in the United States was the smallest since early Year 2021.
At the same time, Italy’s leading stock index touched a new high in 15 years, and rose 0.2%, recording a 25.5% jump since the beginning of 2023, outperforming the STOXX 600 index, which rose only 8.6% this year.
Regarding oil, prices fell today, Thursday, following rising more than 1% earlier in the session, following OPEC+ producers agreed on additional voluntary cuts, to be implemented during the first quarter of next year.
Brent crude futures for January delivery fell 27 cents, or 0.3%, to $82.83 per barrel upon settlement, and the February contract, which begins trading as the nearest month due tomorrow, Friday, fell two dollars, or 2.4%, to $80.86 per barrel. US West Texas Intermediate crude futures also fell by $1.90, or 2.4%, to $75.96 per barrel, bringing their total decline this month to $6.2.
Today, Thursday, members of the Organization of Petroleum Exporting Countries and their allies (OPEC+) agreed to make additional cuts in oil supplies by one million barrels per day, coinciding with the Kingdom of Saudi Arabia extending its voluntary reduction of the same size.
Representatives of the countries participating in a meeting, held via video conference technology, said that the agreement overcame internal disputes over production quotas for some countries, which continued for weeks before the meeting, and caused the date of its holding to be postponed by four days, according to what Bloomberg reported.
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