2023-06-09 22:56:39
New York stocks closed higher on Friday, enough to push the S&P 500 index to a 10-month high.
New York stocks closed moderately higher on Friday, enough to push the S&P 500 index to a 10-month high. With no relevant macroeconomic indicators on the agenda for the day, investors consolidated their bet that the Federal Reserve (Fed) will resume monetary tightening in July after the expected break next week.
The Dow Jones index closed up 0.13%, at 33,876.78 points; the S&P 500 gained 0.11% to 4,298.86 points, the highest score since August; and the Nasdaq rose 0.14% to 13,257.59 points. For the week, gains were 0.34%, 0.39% and 0.13%, respectively. It was the seventh straight week of appreciation for the Nasdaq.
In the highlights, Tesla’s share jumped 4.06%, after the company announced that it will provide more than 12,000 electric vehicle charging points to General Motors (+1.06%). The movement marked the 11th consecutive day of earnings for the company led by Elon Musk, the longest streak of its kind since January 2021, according to the CNBC.
“As far as the markets are concerned, the focus is now on US inflation data on Tuesday and the Fed on Wednesday,” summarizes analyst Craig Erlam of Oanda, referring to the two main events of next week. .
Monitoring by the CME Group points to a majority chance that the Fed will keep interest rates at 5.00% to 5.25% this month, before raising them again in July.
In this scenario, the S&P 500 entered bull market territory yesterday, ie, up 20% from the bottom. Capital Economics points out that technology stocks have concentrated much of the improvement, but that gains are spreading. “Investors are not – and never have been – so pessimistic about earnings prospects,” says the consultancy.
*With information from Dow Jones Newswires
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