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Thursday, July 18, 2024

Wall Street: Strong May – Dow had its best session of the year

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The Dow rose 574.84 points, or 1.51%, to 38,686.32 in its best session of 2024, led by gains in Salesforce and UnitedHealth over 7% and 2% respectively.

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<p> photo AP </p>
<p>The Dow Jones closed today's session with a significant rise, with investors “digesting” the data on the personal consumption expenditure index in the US, as it was in line with analysts' forecasts, focusing on the overall positive picture of May.</p>
<p>The Dow Jones gained 574.84 points, or 1.51%, to 38,686.32 in the best session of 2024, led by Salesforce and UnitedHealth, which posted gains of more than 7% and 2%, respectively.</p>
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<p>The S&P 500 reversed its initial losses to end up 0.8% at 5,277.51 points. As for the Nasdaq, it ended with a marginal fall of 0.01% at 16,735.02 points, under pressure from Nvidia and other major tech stocks that were hit.</p>
<p>During the last five days, however, the S&P 500 and Nasdaq snapped five-week gains, falling 0.51% and 1.1%, respectively. The Dow Jones fell 0.98%, its second straight week of losses.</p>
<p>Despite the weekly correction, the month of May was positive, with the three major stock indexes closing with gains for the sixth month in the past seven. The Dow gained 2.3%, the S&P 500 gained 4.8% and the Nasdaq gained 6.8%.</p>
<p>“However, the market will remain nervous due to the November election, yields of government bonds and consumer spending. The key question is where the US economy is headed,” says Quincy Crosby, strategic analyst at LPL Financial.</p>
<p>Part of May's momentum is attributed to the rise of Nvidia, which delivered spectacular results last week. Although the artificial intelligence darling fell more than 1.5% on Friday, its shares ended the month up 26%. And Tesla, Microsoft, Meta and Netflix fell more than 1% today, weighing on the entire market.</p>
<p>As for the personal consumer spending index, it rose 0.2% month-on-month in April, exactly as analysts had predicted. On a year-over-year basis, it rose 2.8%, slightly higher than economists had expected.</p>
<p>“This week's headlines didn't deviate too much from expectations,” reports Chris Zaccarelli of Independent Advisor Alliance, noting that the market breathed a sigh of relief after the data.</p>
<p>Among other stocks, Dell Technologies sank more than 17%, despite strong earnings, while apparel company Gap strengthened more than 28%.</p>
<div class=Source: www.kathimerini.com.cy

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