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Wednesday, April 17, 2024

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Wall Street opens in green and the Dow Jones climbs 0.40%

 Wall Street opened this Wednesday in green and the Dow Jones Industrial, its main indicator, rose 0.40%, with the market still encouraged by the possibility that the Federal Reserve cut rates in the future.

Half an hour after the start of operations, the Dow Jones added 101.34 points, to 25,433.52, while the selective S & P 500 advanced 0.28% or 7.78 units, to 2,811.05.

The composite index of the Nasdaq market, in which the main technological groups are listed, advanced by 0.25% or 18.50 points, to 7,545.61.

The New York parquet began today with gains after closing the previous day with sharp rises, in reaction to comments from Federal Reserve Chairman Jerome Powell, which analysts interpret as an open door to cut interest rates.

Powell said in a speech in Chicago that the central bank follows the evolution of economic conditions, in which the tariff war with China is having a strong impact, and will do what is appropriate to maintain the expansion.

With no news on the trade front, beyond a meeting scheduled this weekend between treasury secretary Steven Mnuchin and the governor of the People’s Bank of China, Yi Gang, the markets focused on new macroeconomic data known today, which They are not too flattering.

After dismissing its worst May since 2010, Wall Street now assimilates a possible sign of weakness in the US labor market: the number of private sector workers on the payroll increased that month by 27,000, according to the ADP firm, but it was expected Up to 175,000 additions

According to analysts, the data affected the performance of 10-year US Treasury bonds, which fell to 2.097%.

Among the 30 components of the Industrial Dow Jones stood out especially the advance of Apple, of 2.38%, in reaction to statements by its chief executive, Tim Cook, that the firm is not a monopoly.

On Monday, the technology sector had heavy losses due to that firm and its rivals, who are being subjected to greater scrutiny by the authorities in charge of monitoring the competition in the market.

UnitedHealth (1.90%), Microsoft (1.78%), Cisco (1.69%), Pfizer (1.40%) and Verizon (1.14%) also rose.

One third of the listed companies in that group fell, but the most significant losses were for Walgreens (-0.97%), Goldman Sachs (-0.86%), Exxon Mobil (-0.68%).

By sector, the biggest gains were for technology (1.26%) and public utilities (1.03%), while energy (-0.80%) and communications (-) fell. 0.36%).

In other markets, the oil of Texas yielded to $ 52.71 a barrel, gold rose to $ 1,342.90 an ounce, the yield of the 10-year Treasury bond fell to 2.097% and the dollar lost ground to the euro , with a change of 1,1262. (EFEUSA) .-

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