Mild gains on the Wall in anticipation of the announcements from Brussels

Key Wall Street indexes are moving higher on Thursday in an effort to regain some of Wednesday’s lost ground and after data showed that new unemployment benefit applications have fallen to their lowest level since 1969.

However, the investment attention is expected to be monopolized today by the EU Summit. in Brussels, attended by US President Joe Biden. The leaders will discuss the Russian military offensive against Ukraine and ways to support Ukraine and its people, strengthen transatlantic cooperation in response to Russian aggression, security, defense issues and the gradual independence of the EU. from imports of Russian gas, oil and coal.

According to reports, the leaders are expected to announce an initiative for the immediate transfer of liquefied natural gas (LNG) to Europe. The EU is moving at the same time for joint gas supplies, while considering the imposition of an extraordinary tax on the profits of energy companies from the jump in prices in recent months.

Analysts, however, do not expect EU leaders to agree today on a new package of sanctions against Russia aimed at Russia’s energy sector.

Indicators – Statistics

On the board, the Dow Jones gained 130.46 points or 0.38% to 34,488.96 points, while the broader S&P 500 added 19.32 points or 0.42% to 4,475.70 points. The technology Nasdaq climbs 35.05 points or 0.25% to 13,955.32 points.

Of the 30 stocks that make up the Dow Jones industrial index 26 are moving with a positive sign and four with a negative. The biggest increase was recorded by Intel with profits of $ 1.58 or 3.28% at $ 49.85, followed by UnitedHealth Group with $ 0.707 with an increase of 0.92% and American Express with profits of 0, 89% to $ 187.68.

On the other hand, the three stocks with the biggest losses are Cisco Systems (-0.85%), Procter & Gamble (-0.41%) and Nike (-0.38%).

Meanwhile, data released today showed that initial unemployment benefit applications fell by 28,000 to 187,000 last week. This is the lowest level since 1969.

At the same time, orders for durable consumer goods fell 2.2% in February, according to government figures. Economists in a Wall Street Journal poll expected a reduction, but less by 1%.

The index of basic capital goods, which does not include transport and defense, also fell by 0.3%. This is the first decline of the index in the last 12 months.

In business development, Uber Technologies Inc. marks a jump of more than 3% following a WSJ report that the company has reached an agreement to introduce all New York City taxis into its implementation.

On the other hand, KB Home’s title loses more than 1% after construction executives claim that supply issues and the finding of several workers have affected the company’s ability to complete construction work on homes in early 2022. At the same time, its financial results failed to confirm market estimates.