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Monday, April 22, 2024

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Wall Street soars to its best numbers in more than two years

Wall Street indices have soared this Thursday to their best figures in more than two years.

Specifically, the Dow Jones industrial average rose about 1,200 points to 33,715. Meanwhile, the S&P 500 index, which brings together the capitalization of 500 large companies listed on the New York stock exchanges NYSE and NASDAQ, grew by about 207 points to 3,956 points at 9:50 p.m. (UTC time), according to data from Yahoo !Finance.

In parallel, the Nasdaq Composite soared 7.35% and currently stands at 11,114 points. The CNBC network points out that this is the best day for the S&P 500 and the Nasdaq since April and March 2020, respectively.

Shares of Apple, Microsoft, Tesla, Amazon and other companies in the technology sector, which were hit the hardest by rising inflation and rising interest rates, also rallied sharply.

The uptick follows a government report that inflation slowed more than expected last month. This same day, the US Bureau of Labor Statistics (BLS, for its acronym in English) reported that the consumer price index grew only 0.4% in January during the month and 7.7% compared with last year, marking the smallest increase since.

“With today’s CPI down, the market is clearly betting that interest rate hikes are coming to an end. So we see interest rate-sensitive stocks doing very, very well,” Tim Courtney, a senior executive at investment advisory firm Exencial Wealth, commented on the rise.

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