Dow Jones Index, New York Stock Exchange
The New York Dow Jones Stock Exchange index closed positive on Thursday (March 28), with the Dow Jones and S&P 500 indexes recording their strongest first quarters in five years, as investors reacted to US economic data reported on Thursday, tonight , including Gross Domestic Product (GDP), along with the release of the Personal Consumption Expenditure (PCE) price index today. Assessing the trend of inflation and the direction of the Federal Reserve (Fed) interest rate.
The Dow Jones Industrial Average closed at 39,807.37 points, up 47.29 points or +0.12%, the S&P 500 Index closed at 5,254.35 points, up 5.86 points or +0.11%, and the Nasdaq Index closed at 16,379.201 points, or -206.2 points down. %.
Considering the whole month of March. The Dow Jones index rose 2.08%, while the S&P 500 rose 3.1% and the Nasdaq rose 1.79%, with all three major indexes posting monthly gains for the fifth consecutive month.
Throughout the first quarter of 2024, the Dow Jones Index rose 5.62%, while the S&P 500 Index rose 10.16% The Dow and S&P 500 had their strongest Q1 performance in 5 years or since 2019, while the Nasdaq Index adjusted. %
The factors that caused all three major indexes to record strong results in the first quarter were strong buying of stocks related to artificial intelligence (AI) technology and expectations that the Fed will start cutting interest rates this year.
The US released strong economic data last night. The US Department of Commerce released its third estimate of GDP for the 4th quarter of 2023, which indicated that GDP expanded by 3.4%, higher than the first and second estimates of 3.3% and 3.2%, respectively, and higher than the US Department of Commerce estimate. Analysts at 3.2%, supported by consumer and government spending. including investment from the business sector
The US Department of Labor revealed that initial claims for unemployment benefits fell by 2,000 to 210,000 last week. This is below analysts’ estimates of 212,000.
About the latest comments from Fed officials Christopher Waller, a member of the Fed Board of Governors, said at the New York State Economic Association meeting that the disappointing US inflation data reported recently is considered a confirmation that the Fed is not in a hurry to cut interest rates yet. But Mr Waller did not rule out the possibility that the Fed would cut interest rates this year.
CME Group’s FedWatch Tool indicates that investors now 64% expect the Fed to cut interest rates by at least 0.25% at its June meeting.
Ten of the 11 stocks in the S&P 500 closed in positive territory, led by communications services, energy and technology stocks. Meanwhile, real estate stocks fell.
Investors are closely watching the release of the PCE index for February in the US today, with the PCE index being the inflation data that the Fed attaches importance to. Because it can detect changes in consumer behavior and covers the prices of goods and services more widely than the Consumer Price Index (CPI).
European stock market
European stock markets closed positively on Thursday (28 March) at record highs. and closed positive for the second quarter in a row after adjusting in a narrow range this week ahead of the long holiday weekend. The market will be closed this Friday for Good Friday and will be closed next Monday (April 1) for Easter.
The STOXX 600 Index closed at 512.67 points, an increase of 0.92 points or +0.18%.
The CAC-40 index of the French stock market closed at 8,205.81 points, an increase of 1.00 points or +0.01%, the DAX index of the German stock market closed at 18,492.49 points, an increase of 15.40 points or +0.08%, and the FTSE 100 index closed of London stock at 7,952.62 points, up 20.64 points or +0.26%
London Stock Exchange
The London Stock Exchange closed positive on Thursday (28 March) and closed the first quarter in positive territory. The increase was around 3%, the highest since December. 2022
The London Stock Exchange FTSE 100 Index closed at 7,952.62 points, an increase of 20.64 points or +0.26%.
West Texas Crude Oil (WTI) New York Market
West Texas Crude Oil (WTI) futures in New York closed up more than 2% on Thursday (March 28), supported by expectations that global oil supplies will remain tight. Because the Organization of the Petroleum Exporting Countries (OPEC) and the Allied nations or OPEC Plus It is likely to continue the policy of reducing production capacity. And energy infrastructure in Russia continues to be under attack.
The WTI crude oil contract will be delivered in May. Increased $1.82 or 2.24% to close at $83.17/barrel.
The Brent crude oil contract (BRENT) will be delivered in May. Increased $1.39 or 1.61% to close at $87.48/barrel.
New York gold market
New York gold futures closed higher on Thursday (March 28), with gold futures closing in positive territory for the fourth straight time as the market continued to receive support from the US Federal Reserve (Fed) signaling a cut interest rate three times this year, as investors watch today’s release of the Personal Consumption Expenditure (PCE) price index to assess the outlook for inflation and the Federal Reserve’s (Fed) interest rate outlook.
The COMEX (Commodity Exchange) gold contract will be introduced in June. Up $25.70 or 1.16% to close at $2238.40/oz.
The silver contract for May delivery rose 1.64 cents, or 0.66%, to close at $24.916/ounce.
Platinum contract to be delivered in July. Up $11.40, or 1.25%, to close at $921.10/ounce.
Palladium contract to be delivered in June. Up $30.50, or 3.08%, to close at $1,021.50/ounce.
The value of the US dollar
The US dollar rose against major currencies in trading on the New York Forex Exchange on Thursday, supported by strong US economic data including gross domestic product (GDP) while keeping an eye on the release of the Personal Consumption Expenditure Price Index ( PCE) today to assess the trend of inflation and the direction of the interest rate of the Federal Reserve (Fed).
The dollar index, which measures the dollar’s movement against six major currencies, rose 0.19% to 104.546.
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