2024-03-13 20:54:37
The performance of US stocks was mixed on Wednesday, following the New York Stock Exchange witnessed a record close for the Standard & Poor’s 500 and Nasdaq indices.
The Dow Jones Industrial Average rose 0.06%. The Standard & Poor’s 500 index rose 0.07%. While Nasdaq fell 0.08%.
The Standard & Poor’s 500 index rose by more than 1.12% in the previous session, along with the Nasdaq Composite Index, which closed up 1.54%, following US inflation data in February came almost in line with expectations.
“We don’t think the Fed will be the one that kills this economic cycle,” Gabriela Santos, global market strategist at JPMorgan Asset Management, told CNBC. “Ultimately, what determines the end of this expansion will depend on whether we experience some sort of shock… Otherwise, we might remain in what we consider to be a late cycle for a long period of time.”
The bull market for stocks has shown signs of expanding in recent weeks, but chip maker Nvidia is still leading gains in the market. Nvidia shares rose 0.56%, following rising more than 7% on Tuesday, which erased almost all of its losses from… The previous two sessions and raised the gains for the year so far to regarding 86%.
Dollar Three shares fell 7%, following the discount retailer reported disappointing quarterly results and announced the closure of several stores. Dollar Three Company recorded an adjusted profit of $2.55 per share. However, it was not clear whether this number was similar to the Street Account’s estimate of $2.66 per share. Dollar Three also said it plans to close nearly 1,000 stores. Tesla shares fell by 2%, following Wells Fargo Bank downgraded the electric car manufacturer to below equal weight. The bank said: “It sees a risk to volume as price cuts have a diminishing impact.”
Carnival and Royal Caribbean shares rose 1.7% and 1.8%, respectively, following Goldman Sachs began covering Carnival and Royal Caribbean upon purchase ratings. Shares whose performance is linked to the price of Bitcoin continued as the cryptocurrency rose to another record high. Shares of Micro Strategy, which has a strong strategy for acquiring Bitcoin, rose by 5%. While Coinbase shares fell 0.90%.
European stocks
On Wednesday, European markets continued to break records as investors digested the latest inflation report in the United States and GDP numbers in the United Kingdom.
The standard Stoxx 600 index rose by regarding 0.1% at the open before heading towards the flat line, as sectors were mixed. Retail stocks rose 1.8% while health care stocks fell 0.4%.
The German DAX index broke the 18,000-point barrier for the first time in its history for some time, before returning and falling to 17,988.27 points.
The British FTSE 100 index rose 0.14% to 7,758.36 points.
The CAC 40 index rose 0.21% to a new record level of 8,104.31 points.
Japanese stocks
The Japanese Nikkei index fell for the third session in a row, on Wednesday, as investors evaluated the possibility of a shift in monetary policy during the Bank of Japan’s meeting next week. The Nikkei index fell 0.26% to close at 38,695.97 points, declining following briefly exceeding the psychologically important barrier of 39,000 points. (agencies)
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