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The Dow Jones and the S&P 500 post their third consecutive week of gains

Date: June 22, 2024 Time: 15:41:12

Wall Street closed this Friday in the red in all its indicators, as investors analyzed a new batch of corporate results and new data on inflation. As for this week, the Dow Jones Industrials, the main indicator of Wall Street, and the selective S&P 500 achieved their third consecutive week of gains this Friday.

The Dow rose 0.66% this week, the S&P advanced 1.01% and the Nasdaq Technology Index rose 2.02%. On Thursday, the Dow ended a 13-day streak in the green, a length not seen since 1987.

Investors this week welcomed new economic data showing lower inflation as well as better-than-expected corporate results that support the theory that the US could avoid a recession.

About 80% of the companies that submitted their data have beaten Wall Street’s estimates, according to FactSet. about half of the S&P 500 companies have published their results.

In technology, shares of Alphabet (Google parent), Meta Platforms (Facebook, Instagram, WhatsApp and Messenger parent) and Intel rose after announcing their results. Shares of Tesla and other electric vehicles rose, while Ford fell back.

For their part, the oil companies Chevron and Exxon Mobil fell after the quarterly profits of the oil giants fell from the exceptional records of last year, when oil reached above 95 dollars (86.12 euros) per year. today’s rate) (this week it rose above 80, the highest price since April).

This week, in addition, the US Federal Reserve (Fed) resumed raising interest rates, after deciding to pause in June, by raising rates by 0.25 percentage points. In this way, the rates to be located in a range of between 5.25% and 5.5%, reaching their highest level since 2001.

Following the announcement, central bank president Jerome Powell said it would still “take time” to see the effects of the central bank’s monetary policy, “especially on inflation.” Powell indicated that, going forward, the Fed will decide whether or not to continue raising rates on a “meeting by meeting” basis, depending on the data it receives on the economic situation.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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