Wall Street closed with a profit and the Dow Jones Industrial Average set an all-time record | Financial markets

Wall Street closed in green this Monday, and its main indicator, the Dow Jones Industrial Average, set an all-time record, exceeding 38,000 points.

At the close of trading on the New York Stock Exchange, the Dow Jones Industrial Average rose 145 points (0.37%), ending the day at 38,001.81, while the S&P 500 Select Index also added a new all-time high, which it had already reached on Friday. , closing at 4850.43 whole numbers. The Nasdaq index, which lists major technology companies, rose 0.32% to 15,360 whole numbers.

According to economics portal CNBC, this Monday’s historic gains, added to the results of the last session (last Friday), seem to confirm that the market is continuing the bull run that began in October 2022. According to the media, the strength of Wall Street will depend on whether the Federal Reserve System (Fed) can achieve a soft landing and cool the economy to reduce inflation and thus avoid a recession.

Confidence in a possible rate cut in March is waning among investors, as was thought just a few weeks ago, and the FedWatch tool, which measures the market outlook, shows that they now see a 46% chance of a central bank rate cut, which month compared from 81% last week.

This week, analysts expect the release of U.S. gross domestic product for the fourth quarter of 2023 and the personal consumption price index for December, two reports that will help guide the Fed’s monetary policy.

On the other hand, department store chain Macy’s rose 3.57% at the close of the stock market after it announced today that the company rejected a multimillion-dollar acquisition offer from two investment groups.

Sector-wise gains dominated, led by industrials (0.74%) and real estate (0.44%), while the biggest losses came from non-essential goods and utilities, which closed down 0.52%.

Among the 30 Dow Jones stocks, the top performers were Walgreens (2.55%) and Walt Disney (2.17%), while the biggest losers were Home Depot (-1.58%) and Nike (-1.2%).

In other markets, Texas crude rose to $75.19 a barrel; and as the stock market closed, the 10-year Treasury yield fell 4.109%, gold fell to $2,022, and the dollar strengthened against the euro with an exchange rate of 1.0882.

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