Stocks Close On Firm Note; Dow, S&P Hit Fresh Closing Highs
15 Julho 2024 - 5:44PM
IH Market News
U.S. stocks closed on a firm note on Monday with two of the
three major indices moving on to record fresh highs, thanks to
strong buying at several counters from across various sectors.
Optimism about interest rate cuts by the Fed, and rising
prospects of former President Donald Trump winning the upcoming
presidential elections rendered the mood positive on Wall
Street.
The Dow ended up 210.82 points or 0.53 percent at 40,211.72
after scaling a new high at 40,351.10. The S&P 500, which
climbed to a new high of 5,666.94, settled at 5,631.22, gaining
15.87 points or 0.28 percent, while the Nasdaq ended with a gain of
74.12 points or 0.4 percent at 18,472.57, after hitting a high of
18,641.53.
Caterpillar climbed more than 3 percent. Goldman Sachs gained
about 2.6 percent on strong second quarter results.
JP Morgan Chase (NYSE:JPM) and American Express (NYSE:AXP)
gained 2.5 percent, and 2.25 percent, respectively. Apple Inc,
Visa, Chevron, Travelers Companies, Walmart and UnitedHealth Group
also closed on firm note.
Netflix, Adobe Inc, Costco Wholesale Corp, Qualcomm, Tesla,
Automatic Data Processing and Marriott International closed with
strong gains.
Nike (NYSE:NKE) ended down nearly 3 percent. Boeing, Verizon
Communications, 3M Co, Procter & Gamble, McDonald’s Corp and
Amazon lost 0.9 to 2 percent.
Trump Media & Technology (NASDAQ:DJT) shares zoomed nearly
32 percent amid huge volumes, following Trump’s fortunate escape
from the assassination attempt in Pennsylvania on Saturday.
In economic news, a report released by the Federal Reserve Bank
of New York showed regional manufacturing activity contracted at a
slightly faster rate in the month of July.
The New York Fed said its general business conditions index
edged down to a negative 6.6 in July from a negative 6.0 in June,
with a negative reading indicating contraction. Economists had
expected the index to come in unchanged.
Fed Chair Jerome Powell, who spoke at the Economic Club of
Washington D.C. today, said that the central bank will not wait
until inflation hits 2% to cut interest rates.
Powell referenced the idea that central bank policy works with
“long and variable lags” to explain why the Fed wouldn’t wait for
its target to be hit.
“The implication of that is that if you wait until inflation
gets all the way down to 2%, you’ve probably waited too long,
because the tightening that you’re doing, or the level of tightness
that you have, is still having effects which will probably drive
inflation below 2%,” Powell said.
In overseas trading, Asian stocks ended mixed on Monday as
Chinese GDP data disappointed and the dollar firmed up on bets that
Donald Trump will win the upcoming presidential election after an
assassination attempt on Saturday.
The major European markets closed lower, weighed down by some
disappointing economic data from China, and none too encouraging
corporate earnings updates.
SOURCE: RTTNEWS
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