untitled design

New record on Wall Street

The key indicators of Wall Street ended Monday’s trading with small gains, however, noting new historical highs as the positive climate is maintained by the barrage of strong corporate results announced in previous weeks and while investors expect the economy to draw a new impetus. from the fiscal package passed by Congress.

The Dow Jones industrial average, the wider S&P 500 and the tech Nasdaq closed at new all-time highs on Friday after a barrage of strong corporate results in recent days, boosting optimism about the resilience of US companies amid global supply chain turmoil and unprecedented price rally in energy.

The “green light” of the House of Representatives in the package of investments in infrastructure projects, totaling 1 trillion, gave a boost to the investment psychology at the beginning of the new week. US government dollars. US President Joe Biden welcomed the development, referring to an investment that happens “only once in each generation”.

Indicators – Statistics

On the board, the Dow Jones industrial average gained 104.27 points or 0.29% and closed at a new high of 36,432.22 points, while the broader S&P 500 added 4.17 points or 0.09% to 4,701.70 points. The S&P 500 completed eight consecutive positive sessions, recording the largest uptrend since 2017.

The technology Nasdaq strengthened by 10.77 points or 0.07% to 15,982.36 points.

Of the 30 stocks that make up the Dow Jones industrial average, 16 closed with a positive sign and 14 with a negative. The biggest gains were made by Caterpillar with gains of $ 8.37 or 4.07% at $ 214.25, followed by American Express at $ 180.05 with an increase of 1.90% and Visa at $ 220.49. with gains of 1.76%.

The biggest losses were recorded by Nike (-3.19%), Amgen (-1.12%) and Coca-Cola (-0.90%).

Investment attention is expected later this week on data to be released on Wednesday on inflation, as speculation mounts that a price rally in recent months may force the Federal Reserve to raise interest rates sooner than expected. of.

THE President of St. Louis Federal Reserve Bank, James Bullard said today that it expects the Fed to double its interest rates twice in 2022 after the completion of the bond-buying program by the middle of next year, although he noted that if necessary, the central bank can accelerate developments by completing the program first. Semester.

For his part Vice President of the Federal Reserve, Richard Clarida He said that while the Fed remained “far enough away from considering raising interest rates”, if the current outlook for the economy proves to be correct, then “the necessary conditions for raising interest rates will be met by the end of 2022”. .

In business developments, investors’ attention was drawn to Elon Musk’s Twitter poll on whether he should sell 10% of Tesla.

Musk’s followers on Twitter voted in favor of the 10% sale, with Musk himself making it clear that he would accept any outcome from the process. Shares of the automotive industry plunged 4.8%.

.

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular