The Dow rose 1.64 % to 40,589.34 factors. 0.75 % development each week. The market-wide S&P 500 rose 1.11 % to five,459.10 factors on Friday.
The Nasdaq 100 expertise decide index gained 1.03 % to 19,023.66 factors. With the combined quarterly reporting season for tech firms, its weekly loss quantities to 2.56 %. On Thursday, the inventory market barometer gave up on an try at stability.
The Nasdaq 100 recorded its third week of losses in a row. Nonetheless, expertise shares had risen sharply for months, pushed by the rise in synthetic intelligence, so buyers appear to have invested right here right now.
On the finish of the week, the Nasdaq 100 additionally benefited from the general vibrant sentiment on the inventory market. The truth that the PCE worth index fell barely in June, as anticipated, offered some reassurance. This index is the US Federal Reserve’s most popular worth measure. Which means there’s nonetheless hope that the Fed may lower key rates of interest as early as September.
3M shares shot up 23 % on the high of the Dow, reaching the summer season 2022 degree. That is the most important worth improve since 1980. The conglomerate is extra assured about its earnings this yr. 3M delivered one other robust quarter with double-digit earnings per share development and robust money flows, CEO William Brown mentioned. That is prone to proceed within the second half of the yr. The gross sales forecast remained unchanged.
Among the many greatest gainers within the S&P 500, Bristol-Myers Squibb shares rose 11.4 %. The pharmaceutical firm additionally raised its revenue outlook for 2024. As well as, because of tailwinds from new medicine, not too long ago enterprise has been doing higher than analysts anticipated.
Biogen shares, alternatively, fell greater than seven % because the second weakest worth within the index. The EU Medicines Company had refused to approve an Alzheimer’s drug from Biogen and the Japanese firm Esei.
On the finish of the S&P 500, Dexcom shares fell practically 41 %. After disappointing outcomes for the second quarter, the medical expertise firm lowered its gross sales forecast for the complete yr. The shares of enterprise companion Tandem Diabetes misplaced 1.5 %.
The euro benefited barely from the improved sentiment on the monetary markets and eventually price 1.0856 US {dollars}. The European Central Financial institution had set the reference charge at 1.0860 (Thursday: 1.0851) {dollars}. So the greenback price 0.9208 (0.9215) euros.
Costs rose on the US bond market. The ten-year bond futures contract (T-Notice Future) rose 0.38 % to 111.22 factors in late commerce. In return, the yield on ten-year authorities securities fell to 4.20 %./day/he
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2024-07-26 20:34:00
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