by Marco Valsania
Technology stocks highlighted. Encouraging economic data on consumers helps the indices move forward
2′ reading
Wall Street is traveling at record levels: during the last session of the week, a breath of optimism about the economy and market prospects pushed the S&P 500 index up by around half a percentage point and beyond the previous historical closing high.
Technology stocks were in sight, helping the Nasdaq to gain 0.7 percent. Among the tech segments, chips benefited from particular increases, from Nvidia to AMD and Texas Instruments. Semiconductors are considered crucial in the new race for artificial intelligence.
The S&P, in more detail, vaulted beyond the bar of the previous end-of-session record, equal to 4,796.56 points and set on January 3, 2022, then exceeding 4,800. However, it remains close but still below the 4,818.62 points recorded on January 4, 2022.
The initial assault on the record came around 10 a.m. New York time. Supporting the progress of the US stock market, according to analysts, is a mix of encouraging indications on the health of the American economy. Uncertainties still remain, first of all on the Federal Reserve’s monetary policy, in particular on the timing of interest rate cuts desired by investors and which would support the financial markets. Further volatility is therefore not ruled out.
But some recent statistics have nevertheless shown an encouraging climate for expansion. In the last few hours, Americans have shown sudden bursts of optimism about the economy: consumer sentiment recorded the greatest increase in two months since 1991, crowned by a 13% jump in the first half of January compared to December. Since November the surge has been 29 percent. The trust indicator developed by the University of Michigan measures the exploit. Until now, consumers had seemed to feel significantly uneasy despite the fact that a recession does not appear to be imminent and a soft landing of growth with slowing inflation is considered probable. However, real estate is declining: sales of owned homes slipped to a 28-year low during 2023, hampered by more expensive mortgages and price increases.
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2024-01-19 17:49:17
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