Home Business News US indices closed in positive territory in the third week of 2024

US indices closed in positive territory in the third week of 2024

22nd Jan 24 10:30 am

The market in the United States closed higher on Friday. The different market sectors pushed the indices to have excellent upward movements.

The Dow Jones, by its XS platform acronym, US30, ended the week with great upside movement.

On Friday, 19 January the index generated a gain of around 400 points. The futures of the 30 strongest industrial companies in the United States generated a new all-time high.

Likewise, the Nasdaq, one of the main equity indexes, had the same rally as the previous index, ending Friday with a gain of more than 1%. The US100, by its acronym in XS, also generated an all-time high, reaching 17,300 points.

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Likewise, the S&P 500 had the same movement as the previous indexes, reaching an all-time high.

The US500 index, by its acronym in XS, closed 50 points higher, since the opening of the New York market.

However, these large movements could have been caused by different economic and political factors.

This Friday was positive due to the decision of the U.S. Congress to approve this Thursday, a bill to extend the operation of the federal government until March 2024. Thanks to this decision, the markets were quite active and very positive.

Another possible reason for these large increases is that investors have lowered their expectations that the Federal Reserve will start cutting interest rates in the first quarter of 2024. This change is due to data indicating the strength of the U.S. economy.

Investors now see a 54% chance that the Fed’s first cut will occur in March, down from 77% a week ago.

This week they announced different macroeconomic data regarding the country. On Wednesday, December 2023 Retail Sales (Monthly) jumped to 0.6% versus a forecast of 0.4%. Thursday’s new jobless claims were much better than last week, 187k vs. 203k.

In conclusion, the US indices have had an interesting rebound compared to the first days of January 2024, where significant declines were seen in the 3 major benchmark equity indices in the financial markets.

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