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Progress in talks on Ukraine boosts Wall Street

Key Wall Street indexes are gaining momentum on Tuesday amid optimism that negotiations between Russia and Ukraine are making progress toward a ceasefire agreement.

Kyiv and Moscow concluded a first round of talks in Istanbul, with the Russian news agency Interfax quoting the head of the Russian delegation as saying that negotiations were progressing.

The talks lasted about four hours with some breaks, while according to an announcement by the Turkish Foreign Minister, the talks will not continue on Wednesday.

Moscow, however, said it was “drastically” reducing its military activity in the Kiev and Chernihiv regions of northern Ukraine, following “substantial” Ukrainian-Russian talks in Istanbul.

Progress in the talks led to a 6% dip in oil prices, while the ruble was found to be gaining ground against the dollar.

Indicators – Statistics

On the board, the Dow Jones adds 228.20 points or 0.65% to 35,184.09 points, while the broader S&P 500 is up 30.95 points or 0.68% to 4,606.49 points. The technology Nasdaq gains 156.68 points or 1.09% at 14,509.26 points.

Of the 30 stocks that make up the Dow Jones industrial average, 23 are moving with a positive sign and only seven with a negative one. The biggest gainer is Boeing with gains of $ 6.83 or 3.63% at $ 194.99, followed by Walt Disney at $ 143.19 with an increase of 3.22% and Nike with gains of 2.63% at $ 138.35

On the other hand, the three stocks with the biggest losses are Chevron (-2.07%), Caterpillar (-1.58%) and Travelers (-0.73%).

At the macro level, consumer confidence in the United States strengthened in March, in the first increase of 2022, with the relevant index climbing to 107.2 points, although Americans remained worried about high inflation and the economic impact of the war in Ukraine.

Analysts’ average estimates in a WSJ poll put the index at 107.5 points in March.

The February measurement was revised downwards to 105.7 points from the initial measurement of 110.5 points, as announced by the Conference Board.

At the same time, job vacancies remained close to their all-time highs in February, while resignations rose slightly. In particular, the number of available jobs reached 11.3 million according to a survey conducted by the US Department of Labor. Analysts’ average estimates in a Bloomberg poll put the figure at 11 million.

In the housing market, the S&P CoreLogic Case-Shiller index for prices in 20 US metropolitan areas jumped 19.1% year-on-year in January, after rising 18.6% last month. On a monthly basis, the index increased by 1.8%.

Nationwide, the Case-Shiller price index rose 19.2% in January compared to a year earlier.

A different indicator from the Federal Housing Finance Agency (FHFA) showed a slightly lower rate of price increase. In particular, the FHFA index showed that house prices rose by 18.2% year-on-year in January.

Source: Capital

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