2023-05-26 23:31:06
The Dow Jones New York Stock Exchange closed higher on Friday (May 26) as talks to raise the US debt ceiling progressed. Chip stocks rose for a second straight day amid optimism regarding the prospects for artificial intelligence (AI).
The Dow Jones Industrial Average closed at 33,093.34 points, an increase of 328.69 points, or +1.00%, the S&P500 closed at 4,205.45 points, an increase of 54.17 points, or +1.30%, and the Nasdaq Index closed at 12,975.69 points, an increase of 277.59 points, or +2.19%.
The Dow closed higher on Friday following losing five trading sessions, while the Nasdaq and S&P 500 closed at their highest levels since August. 2022, with the S&P500 index standing above 4,200 points.
But in this week The Dow fell 1.0%, the S&P 500 gained 0.3% and the Nasdaq rose 2.5%.
Eight of the 11 sectors on the S&P 500 rose, with information technology (IT) gaining 2.68 percent, followed by luxury goods gaining 2.38 percent.
The Philadelphia semiconductor stocks index rose 6.3% and ended the two-day total of more than 13%, with chip maker Marvel Technology Inc gaining 32% following it said it would increase its stocks. Double annual revenue from chip manufacturing for use in AI technology.
Invidia stock rose another 2.5% following soaring 24% on Thursday. in response to bright earnings prospects
Investors will continue to keep a close eye on debt ceiling talks between President Biden and Mr McCarthy over the weekend. US stock markets will be closed on Monday (May 29) for Memorial Day, a US holiday.
One US official revealed that After several rounds of negotiations President Joe Biden and U.S. House Speaker Kevin McCarthy It looks close to reaching a deal to raise the government’s debt ceiling from $31.4 trillion for two years, while limiting most spending.
Economic data released on Friday indicates that US consumer spending rose more than expected in April. and inflation increases This might prompt the Federal Reserve (Fed) to raise interest rates once more in June.
The US Commerce Department said Personal spending by U.S. consumers rose 0.8% in April, beating analysts’ 0.4% gains, following gaining 0.1% in March.
Additionally, personal income rose 0.4 percent in April, in line with analysts’ expectations. Meanwhile, the savings rate dropped to 4.1% from 4.5% in March, the first drop since 2022.
The latest CME Group’s FedWatch Tool indicates that investors are 60% overweight that the Fed will raise interest rates by 0.25% to a range of 5.25-5.50% at its June 13-14 meeting.
Big gains on Friday include Ford Motor shares 6.2% higher and Tesla shares 4.7% following Ford signed a deal to allow customers to use its charging stations. More than 12,000 Tesla stations in North America in early 2024.
Shares of media conglomerate Paramount Global soared 5.9 percent following its majority shareholder, National Amusement, received a $125 million investment.
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