The Dow Jones Industrial Average closed at 0.56% at the level of 36,327.95 points, which is a record closing. Then, in the middle of the match, he touched 36,484.75 points for the first time in its history.
The Standard & Poor’s 500 Index rose 0.37% to 4,697.53 points, its highest level ever at the close. During the session, it jumped to an all-time high of 4,718.50 points.
For its part, the Nasdaq Technology Composite Index rose 0.20% to settle at 15,971.59 – also a record closing values. In day trading, it reached a maximum of 16053.39 – a level never seen before.
The Dow closed the week 1.4% higher, while the S&P 500 and Nasdaq, when counting the five sessions, were up about 2% and 3%, respectively.
Today, the S&P 500 witnessed the seventh consecutive session of gains, in the longest winning streak since August 2020. Meanwhile, the Nasdaq has made gains in the past 10 rounds. Both indices have gained about 25% this year.
Stocks of smaller-cap companies, which tend to be more glorified for the US economy and less to the international presence than so-called “big-cap” (larger-cap) companies – listed on the Dow, S&P 500 and Nasdaq – fared better, as Its Russell 2000 Index added 1.4% on Friday and closes at record levels – also posting a 6% weekly gain.
Good US employment data contributed to the new records. In October, the number of new hires rose by 531,000, indicating that economic activity in the country is regaining momentum. This is at a time when the Federal Reserve has indicated that it will not be in a hurry to raise key interest rates, currently at historic lows.
Also fueling market sentiment was Pfizer, which closed 10.86% higher, after releasing promising data on Compressed against COVID-19.
Good wind feed
“After the initial impact of the following data at the end of each Federal Reserve meeting, the next day’s session on Thursday is usually the 9am proof of investors’ reaction to where they intend to push the market, given the developments identified in monetary policy. This was It is the case in recent years, and if the recording in the last minutes of Wednesday is, at times, in the same direction as Thursday, in many cases this correspondence is not true, which catches a part of the investors by surprise, not least because there is Situations where overnight developments occurred, such as reactions from analysts and important stakeholders that change the direction of sentiment,” stressed Marco Silva, Technical Analyst at ActivTrades, in his daily analysis today.
However, as he emphasizes, yesterday was a continuation of the bullish trend on Wednesday, “which is an excellent indicator for bulls, considering that the US indices are at their historical highs and that we are making strides for an essential phase of Wall Street behavior, i.e. the so-called Christmas Braly [Santa Rally], a period of significant upside to the end of the year, which could begin in mid-November or, in more extreme cases, after Christmas, as happened in 2018, after a significant correction due to negative investor actions at the October Federal Reserve meeting. , which charted a more “tighter” course than the market thought was ideal.
After overcoming the great unknown of the year, and not hampering the continuation of prevailing optimism, the window of opportunity for the Christmas rally began today, with the Penultimate Year’s “Non-Farm Payrolls” known ahead of time. For businesses, specifically online retail sales – the big party known as the duo of Black Friday and Cyber Monday. A set of events in that year after year has become an increasingly important measure of progress on Wall Street, and this year is even more important because restrictions on supply can affect sales and therefore corporate profits, Amazon warned, Marco Silva also explained. The scenario remains bullish after knowing the good employment numbers.
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