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S&P 500 recovers $4,500 thanks to recovery in US stocks; the Dow Jones rises almost 1%

  • US stocks post solid gains as economic indicators continue to beat expectations.
  • The S&P 500, the DJIA and the Nasdaq recorded gains of close to 1% on the day.
  • Friday will bring more data that could clear the forecasts and extend the bullish movement into the weekend.

US stocks generally higher heading into Thursday’s closing bell, with indices chalking up gains as US economic data continues to beat expectations. The Standard & Poor’s (SP500) 500 equity index

US stock markets overall have fully bought into the optimism of a soft landing scenario as the US economy continues to post upbeat numbers, and investors are shrugging off their recent fears of a recession. pronounced in the world’s largest economy.

The S&P 500 surpasses the $4,500 barrier

The S&P 500 has held on to the $4,500 level after rising on the charts, bolstered by positive data from the US Producer Price Index, which rose 0.7% in August. August retail sales also improved, rising 0.6% versus the expected 0.1%.

The SP500 index closed Thursday at $4,505.10, rising 37.66 points on the day and finishing up 0.84%. The Nasdaq Composite Index also rose, closing the day in the green by 0.81%, at $13,926.05.

Meanwhile, the big winner of the main US indices was the Dow Jones Industrial Average (DJIA), which lost almost one percentage point on Thursday and closed with a rise of 0.96%, at $34,907.00.

More US data to be released on Friday

US markets will next focus on Friday’s economic calendar, where investors hope to continue to be helped by data on consumer expectations, industrial production and the Empire State Manufacturing Index in New York.

Friday’s preliminary Michigan Consumer Sentiment Index reading is expected to show a slight decline to 69.1 from the previous 69.5, while August Industrial Production is forecast to decline 1% to a scant 0.1%.

New York’s Empire State Manufacturing Index is expected to improve, but remain in negative territory. Market forecasts point to a figure of -10 compared to the previous -19.

Source: Fx Street

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