Mustafa Reda – Mubasher: American stock indices closed trading on Friday, on the rise, driven by strong gains from shares of major technology companies such as Meta, Amazon, Microsoft, and Nvidia.
The Standard & Poor’s 500 and Dow Jones Industrial Average recorded new record closings, the seventh and ninth in a row for this year, while the Nasdaq index recorded a new closing high in 52 weeks.
The Standard & Poor’s 500 Index rose by more than 52 points, or 1.1 percent, to the level of 4,958 points, and the Dow Jones Index rose by 0.4 percent, with a gain of 134.78 points, recording a level of 38,654 points.
The Nasdaq index increased 267.31 points, or 1.7 percent, reaching the level of 15,628 points.
Today’s gains were largely concentrated in giant technology stocks, with communications services stocks in the S&P 500 index seeing their best day since April, while discretionary consumer information technology stocks also saw strong gains, and industrial, financial, and energy stocks also ended higher. .
Shares of Meta, the parent company of Facebook, rose today after the company announced a three-fold jump in its profits in the fourth quarter and announced its first ever dividend distribution.
Meta shares jumped by about 20 percent by the end of trading.
The company’s revenues increased by 25 percent in the fourth quarter, from $32.2 billion on an annual basis, which is the fastest pace of growth since mid-2021.
Economic data
The performance of American stocks comes with an increase in non-farm payrolls by 353,000 during the month, which is better than Dow Jones estimates of adding 185,000 jobs, according to the report issued by the Department of Labor today, while unemployment rates stabilized at 3.7 percent, compared to expectations of 3.8 percent.
Wage growth also showed a strong pace with average hourly earnings rising by 0.6 percent, double the monthly estimate, and on an annual basis, wages jumped by 4.5 percent, higher than expectations for 4.1 percent growth.
New orders for goods manufactured in the United States recorded a slight increase in December, and are likely to rise in the coming months as unfinished orders continue to accumulate.
According to the US Department of Commerce’s Census Bureau, factory orders rose 0.2 percent after rebounding by about 2.6 percent in November, and orders rose 0.8 percent on an annual basis in December.
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2024-02-02 22:06:45
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