Editor’s Picks, Stock News6:32,2023-08-11
The Dow Jones New York Stock Exchange closed slightly higher on Thursday (Aug. 10) after a solid rally during the day. In response to the US Consumer Price Index (CPI) rising less than expected. Investors are still concerned about the long-term economic prospects of the United States.
The Dow Jones Industrial Average closed at 35,176.15 points, an increase of 52.79 points, or +0.15%, the S&P 500 closed at 4,468.83 points, an increase of 1.12 points, or +0.03%, and the Nasdaq Index closed at 13,737.99 points, an increase of 15.97 points, or +0.12%.
The U.S. Labor Department said its headline CPI, which included food and energy, rose 3.2% in July from a year earlier. The headline CPI rose 0.2% in July, in line with analysts’ expectations.
Core CPI, which excludes food and energy, rose 4.7 percent year on year in July. in line with analysts’ forecasts Month-on-month, core CPI rose 0.2% in July, in line with analysts’ expectations.
in the beginning The Dow Jones, Nasdaq and S&P500 all rose more than 1% as lower-than-expected CPI led investors to expect the Federal Reserve to end monetary tightening this year. And will begin to cut interest rates early next year. But after that, the market started to reduce the positive range and settled in a narrow range throughout the day.
Greg Abella, an analyst at Investment Partners Asset Management, said investors initially reacted to the lower-than-expected headline CPI. But after investors considered the basic CPI index figure, it was found that The index remains high. This perspective resulted in the market reducing the positive range.
Meanwhile, San Francisco Fed President Mary Daly commented after the US CPI released that although inflation is moving in the right direction. But she said more progress was needed on the inflation data. Before she felt confident that the Fed had done enough tightening.
Technology stocks, which are sensitive to interest rates. The US Treasury yield rose above 4% last night.
Walt Disney shares soared 4.9% after the company released better-than-expected earnings. And it’s raising the price of its ad-free Disney+ streaming service by 27% to $14 per month. Starting from October 12 onwards
U.S.-listed Alibaba shares rose 4.6 percent after the company reported a 14 percent jump in April-June revenue. 2023, which is the first quarter of the Company’s fiscal year. This was driven by active spending online.
Investors keep an eye on the tech dispute between the US and China. After President Joe Biden signed an investment control order in China. This includes investing in the semiconductor industry. and microelectronics quantum computer and artificial intelligence (AI). The order has angered the Chinese government.
By InfoQuest News Agency (11 Aug. 23)
Tags: dowjones, Dow Jones, Stock Market, New York Stock Exchange
2023-08-10 23:41:46
#Dow #closes #points #higher #releases #CPI #index #InfoQuest
