The three main US stock indices recorded increases from their closing trading session yesterday, Tuesday, as the Dow Jones index gained about 600 points at the close, supported by the declines in crude prices to its lowest levels in two weeks, just hours before the Federal Reserve meeting and determining its monetary policy.
The American markets ignored the rise in cases of coronavirus infection and its high numbers in many countries, as China, the second largest economy in the world, recorded about 1952 thousand new infections, while India recorded about 2876 thousand cases of good infection.
With investors observing the developments of the situation in Ukraine, there is some calm in the statements, the markets are awaiting during today’s session the results of the Federal Reserve Bank meeting, which will raise interest rates by a quarter point for the first time since 2017.
The economic data released yesterday was negative, as the monthly producer price index (PPI) fell by 0.8% in February, compared to 1% in the January reading, while the core index fell to 0.2% from 0.8%, and the annual rate settled at its highest level in decades at 10% in February.
On the other hand, the Empire State Industrial Index of the Federal Reserve Bank of New York fell by 14.9 points to -11.8 in March, while it had been expected to rise to 6.5 points.
In terms of stock movement, Tesla’s stock rose by about 4.63% at the close at levels of $ 801.89 after the company announced that it would raise the prices of its cars in China, while AMC’s stock rose by about 6.78% at the close at levels of $14.48 after the movie theater company revealed An investment of $28 million in a gold mine in Nevada.
Airlines shares were among the biggest beneficiaries during the session after bookings and traffic improved since the beginning of the year with the easing of Corona restrictions, as United AirLines stock rose by about 9.19% at closing at levels of $38.24, while Delta AirLines shares jumped by about 8.70% and American AirLines shares rose by about 9.26 %
The Dow Jones Industrial Average closed up by about (599) points at the close at 33.544 levels, with gains of about 1.82%, and it is now trading in futures for today’s session, Thursday, at 33.412 levels, down by about 15 points.
While the S&P 500 index recorded gains at the close at 4.262 levels, an increase of about (89) points or 2.14%, and it is now trading in futures at 4.251 levels, down by about two points.
While the Nasdaq index recorded gains by 367 points, to close the session at 12.948 points, recording gains of about 2.92%, and it is now trading in the futures at a rise of about 13 points.
05/11/2024
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