The Sao Paulo stock market benchmark index reached a new closing record of 130,807.49 points compared to the previous maximum established in June 2021.
Brazilian stocks hit a closing record on Thursday after the US Federal Reserve signaled it will likely lower interest rates in 2024.while the Central Bank of the South American country cut the Selic rate by 50 basis points and indicated that it will continue to reduce it to the same magnitude in its next meetings.
The reference index of the Sao Paulo stock market, The Bovespa rose 1% to reach a new closing record of 130,807.49 points compared to the previous maximum established in June 2021.
The rise of the Bovespa was also favored by the shares of the state oil company Petrobras, which gained 2% thanks to the upward trend in oil prices.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
