2023-07-17 21:29:52
US stocks rise.. and oil declines at the settlement of 1.5%
US stocks continued to rise, awaiting the announcement of a group of US companies for their results for the second quarter of the year this week, to end the Dow Jones Industrial Average trading today, rising for the sixth day in a row, and recording its highest closing this year.
With the end of trading on the first day of the week, the world’s most famous index rose by 0.22%, the S&P 500 index added 0.39%, while the Nasdaq index rose by 0.93%.
Technology companies contributed the most to the day’s gains, as “Apple” rose by 1.7%, while “Tesla” rose by 3.2%.
Some of the most important American companies are preparing to announce business results in the quarter ending this week, led by financial institutions such as Bank of America, Morgan Stanley and Goldman Sachs, in addition to United Airlines, Tesla and Netflix.
In Europe, stocks ended the day lower, affected by the fall in the shares of Richemont luxury goods company due to its unexpectedly weak sales, in conjunction with China’s announcement of achieving lower than expected growth rates, which raised concerns regarding demand from the second largest economy in the world.
The Stoxx Europe 600 index closed down 0.6%, with luxury goods companies the biggest losers.
Shares of Richemont, the world’s second-largest luxury goods company, fell 10.4%, its biggest daily decline in more than a year, due to weak first-quarter sales.
Shares of other giant luxury goods companies, such as “LVMH”, “Hermes”, “Salvatore Ferragamo” and “Kering”, fell by rates exceeding 1%, and sometimes reaching more than 4%.
The Swiss and French indices fell by more than 1%, leading the declines in European stock exchanges.
In a related way, oil fell by more than 1.5% at closing, today, Monday, following weaker-than-expected growth in the Chinese economy raised doubts regarding the strength of demand in the second largest consumer of crude in the world.
Archyde.com said that China’s gross domestic product grew by 6.3% year-on-year in the second quarter, compared to analysts’ expectations of 7.3%, as the post-pandemic recovery lost its momentum.
Brent crude fell $1.37, or 1.7%, at $78.50 a barrel, while US West Texas crude fell $1.27, or 1.7%, to $74.15, upon settlement.
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