S&P 500 index breaks new high – Strong U.S. economy boosts stock market

New York

The world's most followed stock market index, the S&P 500 index, which tracks major US companies, closed above 5000 points for the first time at 5026.58. The daily increase was 0.5 percent.

The Dow Jones industrial average fell 0.2 percent on Friday and the tech index Nasdaq rose 1.2 percent.

The S&P 500 briefly touched above the mark already on Thursday, but ended two points lower.

The S&P 500 index has now risen for five consecutive weeks and has lost only one week since October. Overall, the stock market index has more than doubled since the pandemic slump in spring 2020.

The last time the S&P 500 was below 4,000 points was in late November a year ago. The index crossed 4000 points in April 2021.

The index's rise has been heavily influenced by a strong rise in the technology sector and particularly giant megacap companies, including Google's parent company. letters And a chip company Nvidia An increase of more than two percent.

The stock market is on the upswing despite the US Federal Reserve chairman last week Jerome Powell That said, it's not worth waiting for interest bills until at least March.

The market is still positive. Stocks are now buoyed by good inflation figures and a strong economy. The US economy is expected to slow but avoid recession.

On Friday, revised figures on the annual growth of inflation in the US were released. In December, the monthly inflation rate was revised down to 0.2 percent from 0.3 percent previously, but in the last quarter of the year, the figures remained unchanged. Prices rose 3.3 percent year over year in the quarter.

See also  Another act of violence in Oulu's shopping center Valkea - security guards caught stabbing suspect | Brief message

The earnings season has also brought support to the stock market. Of the 332 S&P 500 companies that reported results, 80.7 percent beat analysts' expectations, according to information service LSEG. In the previous four quarters, 76.4 percent of companies beat the forecast.

Leave a Reply

Your email address will not be published.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