The negative data issued by the American economy, represented by the contraction of the American economy in the first quarter of this year, supported the revised reading of the American stock markets, as the Dow Jones Industrial Average jumped more than 500 points, rising for the fifth consecutive day, amid continuing to disclose the financial results of companies and institutions financial for the second quarter of this year.
The US GDP figures for the first quarter were revised to a contraction of -1.5% from 1.4% in the first reading to reflect the extent of the market’s fears of its expectations of a global economic recession, and therefore the markets interpreted the numbers as making the US Federal Reserve think about it seriously.
Weekly unemployment claims fell to 210 thousand from 218,000 last week, compared to expectations that it had fallen to 208 thousand.
In terms of stock movement, Macys’ shares ended the session with gains of more than 19% at closing at $22.92 after the retail company announced profits that exceeded expectations.
The two companies, Dollar Tree and Dollar General, which also specialize in retail trade, recorded gains of 21.87% and 14%, respectively, at closing at levels of $162.80 and $222.13 after announcing quarterly profits in the second quarter that exceeded expectations to raise the two companies from their expectations for profits.
The Dow Jones Industrial Average closed up by about (516) points at the close at 32.637 levels, with gains of about 1.61%, and it is now trading in the futures for today’s session, Friday, at 32.524 levels, down by about 77 points.
While the S&P 500 index recorded highs at the close at 4.057 levels, up by about (79) points or 1.99%, and it is now trading in futures at 4.047 levels, down by about 10 points.
While the Nasdaq index recorded gains by (305 points), to close the session at 11.740 points, recording a profit of about 2.68%, and it is now trading in futures, down by about 28 points.
02/11/2024
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