Post: Nasdaq rose for fifth straight week

Sheriff Adel (Washington)

The Nasdaq US stock index continued its strong start to the year, recording its fifth consecutive weekly gain, rising more than 3% in the past week alone and recording its year-to-date gain. More than 15% per year.
Despite the fall in the last days of the week, which surpassed 1.5% in the index, 1% in the S&P 500 index and a third of a percentage point in the Dow Jones Industrial Average, and after Wednesday’s rise in interest rates in the United States United. At 0.25% and confirmation from Federal Reserve Bank Chairman Jerome Powell that the continuation of the tightening policy will not be confirmed until hyperinflation is eliminated. The top three indicators remain in the green zone in 2023.
Yesterday’s trading saw plenty of volatility after the end of trading on Thursday amid the announcement of trading results from major companies including Apple, Amazon and Alphabet (Google), but Apple shares were among the few stocks that rose. during negotiations on Friday. Although the company has not met analysts’ expectations in terms of profitability or sales revenue.
In Wednesday and Thursday trading, US stocks rose significantly as the Federal Reserve raised interest rates, especially as the central bank chief avoided spooking investors with the continued rise in inflation seen as a strong signal. His intention is to slow down the pace of growth in the next matches.
And on Friday, the Labor Department said US companies created more jobs than expected in the month ending in January, raising concerns about continued high interest rates as job growth provides more support. to the central bank. Banks around the world maintained their restrictive policy, which is why stock markets turned red.
Across the Atlantic, and a day after interest rate hikes in the UK and Europe, equities rose in both regions, with the European Stoxx 600 index gaining almost 0.3%, while the blue chip index rose 1.%, recorded its highest level on the London Stock Exchange.
Coupled with the Labor Department data, crude oil prices fell to their lowest levels in nearly three weeks, as Brent crude futures ended the week trading at $80 a barrel, while US West Texas Intermediate crude remained stable. US$ 73.39 a barrel. Both dropped nearly eight percent last week as reports of rising US crude inventories dominated while there was some uncertainty over whether EU countries would implement a buying ban. Petroleum products and the upper limit of their prices for their transport by ship from today until Sunday.

Related news

Recovery in service sector activity in the US
After activity in the US service sector contracted in December, the Institute for Supply and Management released a report yesterday showing activity recovered much more than expected in January. The institute added that the purchasing managers index for services (PMI) jumped to 55.2 last January, from an average of 49.2 in the previous December.
An indicator above 50 points indicates growth. Economists had expected the index to rise to 50.4 points from 49.6 points recorded in the previous month. “Despite the mixed reactions from industry and business, most panelists indicated that business is moving in a positive direction,” said Anthony Neves, chair of the Institute’s Service Business Research Committee. The larger-than-expected rise in the core index was in part due to a significant turnaround in new orders, as the new orders index rose to 60.4 in January from 45.2 in December. The business activity index also rose to 60.4 last January from 53.5 the previous December, indicating an acceleration in growth.

Source: Al Ittihad

Leave a Reply

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

Exit mobile version