Sherif Adel (Washington)
The Dow Jones Industrial Average of US stocks recorded its best weekly performance in more than four months, and it was the only indicator among the main indices in the green zone in Friday’s trading, benefiting from the positive business results of some companies, for the second quarter of the year, which were announced. this week.
In trading on the last days of the week, the “Dow Jones” added 114 points, which represented 0.33% of its value, while the “S&P 500” index fell by 0.10%, and the Nasdaq index lost 0.18% of its value, while it was considered a profit-taking process, after several days. of continuous elevations.
Positive results
Wall Street started Friday’s trading with a rise, after many major financial institutions announced positive results during the second quarter of the year, benefiting from the continued high federal interest rate, but the fuel for the hikes ran out before the day’s trading.
JPMorgan, Wells Fargo, and Citigroup, as well as the largest investment company in America, BlackRock, announced positive business results, with their shares jumping by nearly half a percentage point, during the first minutes of today’s trading.
Despite Friday’s declines, the week was positive for the three main indices, as the Dow Jones rose by 2.3%, the S&P 500 rose by 2.4%, while the weekly rise reached 3.3%. These rises came against the background of the issuance of several indicators that indicated a slowdown in inflation in the world’s largest economy during the month of June. The rise in the prices of shares of oil and energy companies also contributed to the weekly rise, after many forecasts were issued by specialized international institutions, which clearly indicated an increase in demand for crude, in conjunction with a decrease in supply from Saudi Arabia and Russia, and production was disrupted in more than one Libyan field.
demand for oil
On Thursday, the International Energy Agency and the Organization of Petroleum Exporting Countries (OPEC) expected an increase in oil demand in the second half of the year, especially in China and India, despite the unfavorable macroeconomic conditions.
Also during the ending week, the dollar hovered near its lowest levels in 15 months over the course of Thursday and Friday, after data released in Washington showed a significant decline in inflation, which the markets considered as evidence that the current interest rate hike cycle is close to ending.
The dollar index, which measures the greenback’s price against a basket of major currencies, rose 0.06% to 99.827, after touching a 15-month low of 99.574 earlier in the session. The index fell 2.4% this week, its largest weekly drop in eight months.
2023-07-15 21:21:25
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