Stock prices in the US and European stock markets rose on Thursday after the publication of US economic data, which showed that US gross domestic product (GDP) increased by 2.9% in the fourth quarter of last year compared to the same period a year ago. Analysts had predicted that the US economy would grow by 2.6% in the fourth quarter.
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The growth of the economy in the last quarter was mainly promoted by the increase in consumer consumption and public expenditure. Growth occurred for the second quarter in a row.
Last year as a whole, the US economy grew by 2.1%, compared to 5.9% growth in 2021.
“Weaker GDP growth compared to last year means economic growth is slowing, but the better-than-expected forecast will reduce recession fears,” said Fawad Razakzada, market analyst at City Index and FOREX.com.
Wall Street’s Nasdaq Composite rose 1.8%, boosted by Tesla’s good earnings. Tesla shares rose 11% after reporting a record quarterly profit.
American Airlines shares rose 2.2% after a positive forecast for travel demand this year.
Oil prices rose on hopes of rising demand in China after the lifting of Covid-19 restrictions.
The Dow Jones Industrial Average rose 0.6% to 33,949.41 on Thursday, the Standard & Poor’s 500 rose 1.1% to 4,060.43, and the Nasdaq Composite added 1.8% to 11,512.41 points.
London’s FTSE 100 rose 0.2% to 7,761.11 on Thursday, Frankfurt’s DAX 30 rose 0.3% to 15,132.85 and Paris’ CAC 40 rose 0.7% to 7,095. .99 points.
WTI crude oil rose 1.1% to $81.01 a barrel in electronic trading on the New York Stock Exchange on Thursday. Brent crude oil price on the London Stock Exchange rose by 1.6% to 87.47 dollars per barrel.
The euro fell to $1.0921 to $1.0896 per euro on Thursday, the British pound rose to $1.2403 to $1.2414 per pound on Thursday, and the dollar rose to 129.59 against the Japanese yen. to 130.25 yen per dollar. The euro fell against the British pound from 88.02 to 87.75 pence per euro.
