US stocks closed at new highs

US stocks strengthened today. The Dow Jones index and the S&P 500 index therefore closed at new highs. Growth was largely driven by banking companies, which benefited from favorable quarterly results.

The Dow Jones index, which includes shares of ten major American companies, gained 0.97 percent today and ended trading at 42,863.86 points. The broader S&P 500 index rose 0.61 percent to 5,815.03 points and the Nasdaq Composite index, which includes many companies from the advanced technology sector, rose 0.33 percent to 18,342.94 points.

Shares of the largest bank in the US, JPMorgan Chase, gained about 4.4 percent as the company’s third quarter earnings beat analysts’ expectations. Smaller rival Wells Fargo, whose shares were up 5.6 percent, beat estimates. “We received favorable earnings reports from some of the major financial companies. That’s a great start to results season,“said analyst Evan Brown from UBS Asset Management.

However, shares of electric car maker Tesla weakened by almost nine percent. Although the automaker introduced the long-awaited Cybercab self-driving taxi, investors were disappointed that the company’s CEO Elon Musk did not provide details about the timetable for its production and how they will address potential regulatory barriers.

On the forex market today, the US dollar remained unchanged against the euro. According to analysts, the latest economic data is in line with expectations that the US central bank (Fed) will cut interest rates next month. The European single currency was trading at 1.0935 EUR/USD around 22:00 CEST, close to Thursday’s close.

The US Commerce Department reported today that US producer prices were unchanged in September after rising 0.2 percent in August. The year-on-year growth rate of producer prices decreased to 1.8 percent from 1.9 percent in August. The published data is another sign of easing inflationary pressures in the US.

“Financial markets are happy because there is no opposition to lower interest rates. The only question is how quickly the Fed will cut rates,” said Steven Englander, an analyst at Standard Chartered, according to Reuters. In September, the Fed moved to cut interest rates for the first time in more than four years, cutting its main rate by half a point percent to a range of 4.75 to 5.00 percent.

Source: Reuters, ČTK, MT4

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