US stocks continue to rise… and the S&P 500 index is approaching its highest levels ever
US stock indices continued their rise, beginning the last weeks of the year on a strong note, with the S&P 500 index, the most comprehensive sector of the US economy, approaching its highest levels ever.
In trading on Tuesday, which was the first day of the week for markets to close on Monday for Christmas, the S&P 500 index rose by 0.42%, and the Dow Jones Industrial Average continued its strong march, rising by 0.43%, while the rise in the Nasdaq index was by 0.54%.
Keith Lerner, chief investment officer at Truist Bank, said: “Despite weak trading volumes due to the holidays, Tuesday’s movements are likely to indicate a continuation of positive market trends, which have fueled the rises of major indexes in recent weeks, after news of a decline in… Inflation.
He added in his interview with the CNBC economic network: “There is still money flowing, despite its weakness, carrying with it additions to the demand for stocks, as we approach the end of the year, and this is likely to continue.”
By the end of Tuesday’s trading, the S&P 500 index became very close to its highest record levels, as it only needs to rise by less than 1%, to exceed the highest closing level it has ever recorded, at 4796.56, and that was in January 2022.
Wall Street entered the short holiday week with momentum, after the US market’s benchmark index recorded its eighth consecutive weekly advance on Friday, the longest series of weekly increases since 2017. The Dow Jones and Nasdaq also achieved the same number of consecutive weeks of rises.
These moves come against the backdrop of investors celebrating data recently released in Washington, DC, which showed that the inflation rate in America is close to the Federal Reserve’s target of 2%. The decline in the inflation rate has increased investors’ optimism that the largest central bank in the world will move towards reducing interest rates early next year.
The shares of the American company Intel, one of the largest chip manufacturers, rose by 5.2%, after the Israeli government granted it a grant worth $3.2 billion to establish a factory worth $25 billion in the south of the country.
English Manchester United football club shares also rose by 3.4%, after British billionaire Jim Ratcliffe completed a deal to buy a quarter of it.
In Europe, stock markets were closed today, Tuesday, the day after Christmas, and on the occasion of “Box Day,” which celebrates the historical tradition of giving the financially well-off boxes containing gifts and rewards to the less well-off.
In the energy market, oil prices rose more than 2.5% today, Tuesday, reaching their highest levels this month, after other attacks on ships in the Red Sea raised fears of disruption to shipping traffic, and hopes of lowering interest rates increased the possibilities of enhancing global economic growth, and… Then feed the demand for oil.
Brent crude futures settled up $2, or 2.5%, at $81.07 a barrel, after rising as much as 3.4% during the session. US crude oil in West Texas rose $2.01, or 2.7%, to $75.57.
The wave of rise, which came in light of thin trading, with some markets closed for the holidays, increased last week’s gains, which exceeded 3%, after Houthi attacks on ships raised concerns among investors, and in light of the absence of any sign of abating the brutal Israeli attacks on Gaza. .
2023-12-26 22:57:58
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