New York Stock Exchange’s Major Indexes Turned Up This Week After Falling Last Week
The US stock market S&P 500 and Nasdaq index recorded all-time highs based on closing prices for two consecutive days. All of the major indexes on the New York Stock Exchange, which had declined all at once last week, turned higher this week.
On the 5th (hereafter local time), the Dow Jones Industrial Average of the US New York Stock Market closed at 31,148.24, up 92.38p (0.3%) from the closing price of the previous trading day.
The Standard & Poor’s (S&P) 500 index rose 15.09p (0.39%) to 3886.83, while the Nasdaq composite index rose 78.55p (0.57%) to 13856.30.
The Dow and S&P 500 indexes have risen for five consecutive trading days, maintaining the uptrend throughout the week, while the Nasdaq index rose for two consecutive days. The S&P 500 index and the NASDAQ index ended at record highs for the second day following the previous day.
The Dow index was up 3.85% this week, while the S&P 500 rose 4.65%. The NASDAQ index was 6.01% higher than last Friday’s closing price. Both of these indices turned from a decline last week to a rise this week.
Local media analyzed that investors watched new stimulus measures and the possibility of a recovery in the labor market.
The Wall Street Journal reported on Friday that the S&P 500 was the highest stock price since November, and US stocks rose as investors focused on new stimulus measures and shook off some of the collapse of individual stocks traded last month.
The media reported that stocks at the center of the social media scene had lost some energy, and GameStop fell by more than 30% during 3 trading days of the previous 4 trading days and then increased $10.27 (19%) to $63.77. In addition, AMC Entertainment Holdings wrote that it fell 0.26 dollars (3.7%) to 6.83 dollars.
On that day, the US Senate and House of Representatives passed a budget resolution allowing Congress to establish a stimulus bill with a majority agreement. Joe Biden opens the way for the US administration to push ahead with massive stimulus without the consent of the Republican Party.
The U.S. unemployment rate fell from 6.7% in December last year to 6.3% in January this year, and the labor market participation rate during the same period fell from 61.5% to 61.4%.
Stock markets in major European countries were mixed. On this day, the DAX 30 index of the German Frankfurt stock market fell 0.03% from the closing price of the previous trading day to 10,4056.72, and the UK FTSE 100 index closed the trade at 6489.33, down 0.22%.
On the other hand, the CAC 40 index in France’s Paris stock market rose 0.90% to 5659.26, and the Euro Stoxx 50 index, a pan-European index, increased 0.37% to 3655.77.
International oil and gold prices have risen. On the same day, on the New York Mercantile Exchange for March delivery, West Texas crude oil (WTI) was traded at $56.85, an increase of 0.62 USD (1.1%) per barrel compared to the previous day’s closing price. It rose to $1813.
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