The main stock indices of Wall Street rose this Thursday, June 15, while big stocks improved on falling Treasury yieldswhich implied greater investor confidence after the comments of the Federal Reserve about interest rate hikes this year.
So far in 2023, the S&P 500 is up about 15% and the Nasdaq is up about 32%.buoyed by signs of economic resilience, a better-than-expected earnings season and bets that interest rates are near their peak.
According to preliminary data, the S&P 500 gained 1.2% to 4,426.26, while the Nasdaq gained 1.2% to 13,782.82. The Dow Jones Industrial Average rose 1.3% to 34,415.46 units.
Retail sales in the United States rose unexpectedly in Mayas consumers spent on a number of goods, including vehicles, which could help support the economy this quarter.
On the other hand, initial claims for state unemployment benefits held steady at 262,000 seasonally adjusted for the week ending June 10. Economists polled by Reuters had forecast 249,000 applications for the past week.
US Treasury yields fell 1.7% to $3.73, boosting rate-sensitive growth stocks. Manzana, Microsoft and Meta Platforms they advance between 0.7% and 2.8%.
The Fed maintained the rates although it modified its forecasts for the future
The fed He left policy rates unchanged at 5-5.25% on Wednesday but indicated they could rise by at least half a percentage point this year if inflation remains persistent and the US economy holds up.
“It’s encouraging that the market significantly reassessed the expected path for rates, but the equity market has largely ignored this and, if anything, has continued to rise on the belief that the Fed is at or near the end.” of the end of the cycle of increases”said Ronald Templeof Lazard.
“Yesterday’s message was a small splash of cold water for the stock markets,” he added.
Energy stocks led gains among the 11 major sectors of the S&P 500with an advance of 1.4%, thanks to the increase in crude oil prices.
Source: Ambito
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