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


agencies

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  Emirates News Agency - OPEC secretary-general to WAM: Oil and gas industry plays key role in addressing climate change

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

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

    Related Posts

    • Economy
    • November 2, 2024
    • 133 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    How to Find the Best Online Casinos in the UAE

    How to Find the Best Online Casinos in the UAE

    Best HydraFacial Clinic in Dubai: The Magic of Radiant Skin

    Best HydraFacial Clinic in Dubai: The Magic of Radiant Skin

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa