2024-01-20 22:04:10
US stocks continued their strong performance last week and achieved their second weekly gain this year, supported by strong economic data and rising consumer confidence, reaching the highest level since July 2021.
The Standard & Poor’s and Dow Jones indices recorded record closings supported by the technology sector.
Expectations of a decline in inflation and the start of a monetary easing cycle boosted stock gains, as the Dow Jones closed by about 1%, or 395 points, at the second record close this month, and the index achieved weekly gains of 0.7%. Standard & Poor’s rose 1.25%, or 58 points, recording a record close after exceeding the 4,796 points it recorded in January 2022, bringing the week’s gains to 1.15%.
The wave of rises extended to include the Nasdaq index, as it recorded a weekly increase of 2.25%. The gains were supported by technology, as the shares of “Meta”, the owner of “Facebook”, closed at a record level of $383.45, while “Nvidia” shares achieved the seventh record closing in a month at $594.91. AMD shares ended trading at the second record close of $174.23.
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