The Dow Jones Industrial Average rose 0.9% to 38,774.73 units, while the S&P500 gained 0.6% to 5,029.67 units. The Nasdaq Composite rose 0.3% to 15,906.17 units.
Wall Street closed this Thursday in greenrecovering from losses at the beginning of the week following mixed macroeconomic data, allowing the S&P500 to reach a new record.
The Industrial Average Dow Jones rose 350.07 points, or 0.9%, to 38,774.73 unitsMeanwhile he S&P500 gained 29.05 points, or 0.6%, to 5,029.67 units. He Nasdaq Composite rose 47.03 points, or 0.3%, to 15,906.17.
U.S. stocks closed higher as retail sales data declined more than expected, fueling hopes that the Federal Reserve will begin cutting interest rates in the coming months.
A report from the Department of Commerce showed that US retail sales fell 0.8% in January, weighed down by the decline in income at car dealerships and service stations.
Wall Street: bets raised on rate cut in May
Bets in favor of a rate cut of at least 25 basis points in May rose to 40.6%while the probabilities for June stood at 82%, according to CME Group’s FedWatch tool.
“Investors are cheering the fact that we got a weaker than expected retail report,” said Neville Javeri, portfolio manager at Allspring Global Investments. “Maybe consumption is slowing down, maybe this will cancel out the higher CPI figure we saw a couple of days ago”he declared.
The actions of Alphabet fell after investment firm Third Point dissolved its stake in the mega-cap company.
and the papers of Apple decided after Warren Buffett’s Berkshire Hathaway cut its huge stake in the iPhone maker and Soros Fund Management completely dissolved its investment.
But investor optimism grew, as 80.3% of companies in the S&P 500 index have exceeded earnings expectations, as LSEG data showed, exceeding the annual average of 76%.
Sectors that have recently performed poorly, such as utilities, materials and energy, posted strong gains. The Russell 2000 index of small caps also advanced.
Source: Ambito
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