Dow closes up 141.43 points, technology stocks push market: InfoQuest

The New York Dow Jones Stock Exchange closed higher on Thursday (March 30), while the Nasdaq and S&P 500 also gained. This was supported by a steady rally in technology stocks, but banking stocks fell. After President Joe Biden’s administration proposed tougher regulatory measures on medium-sized banks to reduce risks in the US banking system,

  • The Dow Jones Industrial Average closed at 32,859.03 points, an increase of 141.43 points or +0.43%,
  • The S&P500 index closed at 4,050.83 points, up 23.02 points or +0.57% and
  • The Nasdaq Index closed at 12,013.47 points, up 87.24 points, or +0.73%.

Ten of the 11 stocks that make up the S&P 500 finished in positive territory, led by the technology index, up 1.14% Microsoft shares rose 1.26%, Meta Platforms gained 1.21%, and Netflix shares rose 1.21% Gained 1.93%, Apple shares gained 0.99%.

Chipmaker stocks continue to rise. Invidia rose 1.48%, AMD rose 1.86%, Intel rose 1.8%.

US officials released weak economic data last night. This supports expectations that the US Federal Reserve (Fed) will slow down interest rate increases. The Labor Department said initial claims for unemployment benefits rose by 7,000 to a seasonally adjusted 198,000 last week. This was the highest level in three weeks and beat analysts’ expectations of 195,000, indicating that the US labor market is beginning to cool.

The US Department of Commerce released its third estimate for gross domestic product (GDP) for the fourth quarter of 2022, showing GDP growth of 2.6%, lower than the first estimate and the second estimate of 2.9% 2.7% in the that order

However, bank stocks fell. After media reports, President Biden’s administration proposed tougher regulatory measures for the medium-sized banks without Congressional approval. This includes issuing regulations that require these banks to increase their liquid assets and increase their capital base. Including having to undergo a stress test to reduce risks in the banking system.

Moody’s Investors Service has warned that although the risk that the US credit rating is now affected by the banking crisis will be within the limit But if the crisis is long It may weaken the US economy and the financial situation. And it will ultimately affect the credit rating of the United States.

The S&P500 banking index, which is a composite of banks in the S&P500, and the KBW regional banking index, which is a regional banking index, were down 0.3 percent and 2 percent, respectively.

The US personal consumption expenditure (PCE) price index for February is released today at 7:30 pm ET. Because it can detect changes in user behavior. and covers a wider range of prices for goods and services than Consumer Price Index (CPI) data.

By InfoQuest News Agency (31 Mar. ’23)

Tags: dowjones , Dow Jones , Stock Market , New York Stock Exchange


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