Wall Street is trading cautious on ‘year-end greed’. Nasdaq rises 2%
Major North American stock exchanges ended the day and week in green. Investors were encouraged by lower volatility in the debt market, with the Standard & Poor’s 500 index crossing the 4,400 threshold.
Wall Street ended the day in positive territory, with the S&P 500 index crossing the 4,400 threshold, an important level for fundamental and technical analysis, which gave more encouragement to stock market investors.
The Dow Jones Industrial Average rose 1.15% to… 34,283.10 point, after rising by 0.65% during the week. The Nasdaq technology index rose 2.05% to 13,798.11 point, after rising by 2.37% during the week.
In contrast, the S&P 500 index rose by 1.56% to 4,415.24 points, having accumulated over the past few days totaling 1.31%. During the session, the “record level” exceeded the threshold of 4,400 points, a level that some analysts considered a resistance line, which, once crossed, could be an encouraging factor to achieve more gains.
In addition to surpassing this level, the S&P 500 crossed its 100-day moving average, which is another positive indicator of the index’s future performance.
Sentiment was also driven by lower volatility in the debt market, in a week mainly characterized by deteriorating bond interest rates, after on Thursday, the US Treasury ended up being prepared to pay an interest rate of 30% higher than initially expected. Issuing debts for a year.
Investors are still digesting the latest consumer expectations about U.S. inflation, which is at a 12-year high, according to Bloomberg.
For Michael Hartnett, a strategist at Bank of America, cited by Bloomberg, the caution that has characterized the stock market in the past three months has given way to “year-end greed,” with expectations of easing debt “returns.”
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