Monday, May 27, 2024

The US Nasdaq index posted its longest streak of weekly gains since 2020.



Saturday, 03 June 2023 11:00 PM

Technology Stocks Leading, Wall Street After a mixed U.S. jobs report, the U.S. Federal Reserve will rise at a stronger pace, with growing calls for a temporary halt in raising interest rates..

U.S. stocks ended last week’s session higher after the May labor market report showed an unexpectedly sharp rise in the number of jobs to 339,000 jobs. , and the unemployment rate rose more than expected, raising some fears of a recession.

Investor sentiment on Wall Street also got a boost as the Senate passed debt ceiling legislation days before a June 5 deadline set by the US Treasury secretary, which President Joe Biden hailed as a victory for the economy and the economy. People..

Sky News said the dollar index and Treasury yields rose after strong employment data, despite markets’ continued preference for the Federal Reserve to keep interest rates at the current 5-5.25 percent. A further 25 basis points increase is likely during the current month’s meeting and the next July meeting.

At the close of trading on Friday, the Dow Jones industrial average was up 2.12 percent, or 701 points, at 33,762 points, the best daily performance since the end of November 2022, and weekly gains of around 2 percent..

As a rose “S&P 500” About 1.4 percent, 61 points to 4,282 points, but up 1.8 percent this week..

The Nasdaq composite rose 1.1 percent, or 139 points, to 13,241 in 13 months, and added 2 percent in total transactions for the week, marking its sixth straight week of gains in its best streak. Earnings from January 2020 onwards.

See also  ADNOC and Borealis seek to arrange an initial public offering

Meanwhile, the ‘fear index’ went down CBOE On Wall Street, the volatility index fell to its lowest level since February 19, 2020. (Cboe)Or (VIX)till 14.60.

The stock increased “MongoDB” At 28 percent, the technology company beat estimates after reporting quarterly business results that saw revenue rise 29 percent year over year..

Corporate stocks also rose “Lululemon” 11.3 percent, after the sportswear retailer posted better-than-expected results and raised its full-year revenue forecast..

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:


More like this

Cost-effective drilling: how to reduce operational expenses by smart equipment choices

Drilling costs affect the profitability and sustainability of oil...

Navigating the World of Cryptocurrencies: How to Choose the Best Crypto Wallet

In the digital age where cryptocurrencies are rapidly gaining...

Unlock the easiest way to get EU citizenship of Slovenia and Romania with Union Permits

Due to the nature of their immigration programs, Slovenia...

The Ultimate Guide to Men’s Facials in Dubai

In the bustling city of Dubai, where the sun...