Major US stock indexes closed higher on Thursday, October 7th, benefiting from Senate Majority Leader Chuck Schumer’s announcement that lawmakers had reached an agreement on extending the debt ceiling until December after hours of debate.
The file of the US debt ceiling was a threat to the US economy, as October 18th is considered the last date for raising the debt ceiling and thus the United States of America defaulted on paying its debts for the first time and according to the Congressional agreement to increase the debt by 480 billion dollars that will allow the Treasury to pay its bills until the third of next December To support this news US markets.
Markets are awaiting US labor market data and NFP employment later on Friday, with expectations of adding about 500,000 jobs in September and a drop in the unemployment rate to 5.1%.
Companies and financial institutions will start announcing their financial results for the third quarter of this year at the beginning of next week, as US banks such as Bank of America, JP Morgan, Morgan Stanley, Citigroup and Goldman Sachs will announce their results next week.
In terms of the movement of the most active stocks, the stock of Ford Motors was on top of the most active stocks, up by 5.45%, while the share of Apple Inc. rose by about 0.91%, and the share of the Chinese company, Alibaba, gained about 8.26%
The Dow Jones Industrial Average closed yesterday’s session, up by about (337) points, at the close at 34.754 levels, with gains of about 0.98%.
On the other hand, the S&P 500 index recorded increases at closing at 4.399 levels, up by about (36 points), or 0.83%.
While the Nasdaq Index recorded gains of (152 points) to close the session at 14,654 points, recording a gain of about 1.05%.
06/11/2024
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