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Wall Street closes its third consecutive week with gains

NEW YORK (AP) — The third consecutive week of gains for the New York Stock Exchange concluded on Friday with a quiet close, in which share prices registered a slight increase in addition to the excellent results they have had in November .

The S&P 500 index rose 5.78 points, or 0.1%, to 4,514.02, near its highest level in three months. The Dow Jones Industrial Average rose 1.81, or less than 0.1%, to 34,947.28, and the Nasdaq Composite gained 11.81, or 0.1%, to 14,125.48.

Shares of several retail companies rose sharply after they announced better results for the latest quarter than analysts expected. Gap rose 30.6% after reporting much higher profits than Wall Street had predicted, with its shares more than doubling so far this year. Ross Stores rose 7.2% after reporting higher-than-expected profits and revenue.

Retailers are closing out a summer financial reporting season with better-than-expected results. Companies listed in the S&P 500 are on track to report their first overall growth in a year, according to FactSet.

But the far more impactful factor driving stocks higher this week was the hope that inflation has cooled enough that the Federal Reserve has finally decided to end the interest rate hikes that are weighing so heavily on the market. .

The Fed has already raised its main interest rate to its highest level since 2001, in an attempt to slow the economy and affect financial markets enough to control inflation without causing a painful recession.

Now traders are trying to figure out when the Federal Reserve might start cutting interest rates, something that could boost investment prices and provide oxygen to the financial system. The central bank has said it plans to keep rates high for a while to ensure the battle against inflation is definitively won, but traders think cuts could begin in the summer of 2024.

A barrel of US crude oil for December delivery rose $2.99, closing at $75.89, recovering somewhat from heavy losses this week. But it is still well below the $93 it was at at the end of September.

Brent crude oil, the international benchmark, rose $3.19 and ended at $80.61 per barrel.

For its part, the yield on 10-year Treasury bonds fell from 4.44% to 4.43%. Just a few weeks ago, it was above 5%, its highest level since 2007.


AP writers Zimo Zhong and Matt Ott contributed to this report.

Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

2023-11-18 00:25:56
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